(State of Incorporation) | (I.R.S. Employer Identification No.) | |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class | Trading symbol | Name of each exchange on which registered | ||
þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company | Emerging growth company | |||||||
Term or Abbreviation | Definition | |
2018 Annual Report on Form 10-K | Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on February 15, 2019 | |
30-89 Delinquency ratio | net finance receivables 30-89 days past due as a percentage of net finance receivables | |
5.25% SFC Notes | $700 million of 5.25% Senior Notes due 2019 issued by SFC on December 3, 2014 and guaranteed by OMH | |
6.00% SFC Notes due 2020 | $300 million of 6.00% Senior Notes due 2020 issued by SFC on May 29, 2013 and guaranteed by OMH | |
6.125% SFC Notes due 2024 | $1.0 billion of 6.125% Senior Notes due 2024 issued by SFC on February 22, 2019 and guaranteed by OMH | |
6.625% SFC Notes due 2028 | $800 million of 6.625% Senior Notes due 2028 issued by SFC on May 9, 2019 and guaranteed by OMH | |
ABS | asset-backed securities | |
Accretable yield | the excess of the cash flows expected to be collected on the purchased credit impaired finance receivables over the discounted cash flows | |
Adjusted pretax income (loss) | a non-GAAP financial measure used by management as a key performance measure of our segments | |
AHL | American Health and Life Insurance Company, an insurance subsidiary of OMFH | |
AIG | AIG Capital Corporation, a subsidiary of American International Group, Inc. | |
AIG Share Sale Transaction | sale by SFH of 4,179,678 shares of OMH common stock pursuant to an Underwriting Agreement entered into February 21, 2018 among OMH, SFH and Morgan Stanley & Co. LLC | |
AOCI | Accumulated other comprehensive income (loss) | |
Apollo | Apollo Global Management, LLC and its consolidated subsidiaries | |
Apollo-Värde Group | an investor group led by funds managed by Apollo and Värde | |
Apollo-Värde Transaction | the purchase by the Apollo-Värde Group of 54,937,500 shares of OMH common stock from SFH pursuant to the Share Purchase Agreement for an aggregate purchase price of approximately $1.4 billion in cash on June 25, 2018 | |
ASC | Accounting Standards Codification | |
ASU | Accounting Standards Update | |
Average daily debt balance | average of debt for each day in the period | |
Average net receivables | average of monthly average net finance receivables (net finance receivables at the beginning and end of each month divided by two) in the period | |
CDO | collateralized debt obligations | |
CMBS | commercial mortgage-backed securities | |
Contribution | On June 22, 2018, SFC entered into a Contribution Agreement with SFI, a wholly-owned subsidiary of OMH. Pursuant to the Contribution Agreement, Independence was contributed by SFI to SFC. | |
Exchange Act | Securities Exchange Act of 1934, as amended | |
FASB | Financial Accounting Standards Board | |
February 2019 Real Estate Loan Sale | SFC and certain of its subsidiaries sold a portfolio of real estate loans with a carrying value of $16 million, classified in finance receivables held for sale, for aggregate cash proceeds of $19 million on February 5, 2019. | |
FICO score | a credit score created by Fair Isaac Corporation | |
Fortress | Fortress Investment Group LLC | |
Fortress Acquisition | transaction by which FCFI Acquisition LLC, an affiliate of Fortress, acquired an 80% economic interest of the sole stockholder of SFC for a cash purchase price of $119 million, effective November 30, 2010 | |
Fortress Transaction | the distributions by SFH to Fortress resulting from the Apollo-Värde Transaction | |
GAAP | generally accepted accounting principles in the United States of America | |
Gross charge-off ratio | annualized gross charge-offs as a percentage of average net receivables | |
Indenture | the SFC Base Indenture, together with all subsequent Supplemental Indentures | |
Independence | Independence Holdings, LLC | |
IRS | Internal Revenue Service | |
Term or Abbreviation | Definition | |
Junior Subordinated Debenture | $350 million aggregate principal amount of 60-year junior subordinated debt issued by SFC under an indenture dated January 22, 2007, by and between SFC and Deutsche Bank Trust Company, as trustee, and guaranteed by OMH | |
LIBOR | London Interbank Offered Rate | |
Merit | Merit Life Insurance Co., an insurance subsidiary of SFC | |
Net charge-off ratio | annualized net charge-offs as a percentage of average net receivables | |
Net interest income | interest income less interest expense | |
ODART | OneMain Direct Auto Receivables Trust | |
OMFIT | OneMain Financial Issuance Trust | |
OMH | OneMain Holdings, Inc. | |
OneMain | OneMain Financial Holdings, LLC, collectively with its subsidiaries | |
OneMain Acquisition | Acquisition of OneMain from CitiFinancial Credit Company, effective November 1, 2015 | |
Other securities | securities for which the fair value option was elected and equity securities. Other Securities recognize unrealized gains and losses in investment revenues | |
Other SFC Notes | collectively, SFC’s 8.25% Senior Notes due 2023, and 7.75% Senior Notes due 2021, on a senior unsecured basis, and the Junior Subordinated Debenture, on a junior subordinated basis, issued by SFC and guaranteed by OMH | |
Recovery ratio | annualized recoveries on net charge-offs as a percentage of average net receivables | |
Retail sales finance portfolio | collectively, retail sales finance contracts and revolving retail accounts | |
RMBS | residential mortgage-backed securities | |
RSAs | restricted stock awards | |
RSUs | restricted stock units | |
SEC | U.S. Securities and Exchange Commission | |
Securities Act | Securities Act of 1933, as amended | |
Segment Accounting Basis | a basis used to report the operating results of our segments, which reflects our allocation methodologies for certain costs and excludes the impact of applying purchase accounting | |
Settlement Agreement | a Settlement Agreement with the U.S. Department of Justice entered into by OMH and certain of its subsidiaries on November 13, 2015, in connection with the OneMain Acquisition | |
SFC | Springleaf Finance Corporation | |
SFC Base Indenture | Indenture, dated as of December 3, 2014 | |
SFC Eighth Supplemental Indenture | Eighth Supplemental Indenture, dated as of May 9, 2019, to the SFC Base Indenture | |
SFC Guaranty Agreements | agreements entered into on December 30, 2013 by OMH whereby it agreed to fully and unconditionally guarantee the payments of principal, premium (if any) and interest on the Other SFC Notes and the 6.00% Senior Notes due 2020, which were redeemed on April 15, 2019. | |
SFC Senior Notes Indentures | the SFC Base Indenture as supplemented by the SFC First Supplemental Indenture, the SFC Second Supplemental Indenture, the SFC Third Supplemental Indenture, the SFC Fourth Supplemental Indenture, the SFC Fifth Supplemental Indenture, the SFC Sixth Supplemental Indenture, the SFC Seventh Supplemental Indenture, and the SFC Eighth Supplemental Indenture | |
SFC Seventh Supplemental Indenture | Seventh Supplemental Indenture, dated as of February 22, 2019, to the SFC Base Indenture | |
SFH | Springleaf Financial Holdings, LLC, an entity owned primarily by a private equity fund managed by an affiliate of Fortress that sold 54,937,500 shares of OMH’s common stock to the Apollo-Värde Group in the Apollo-Värde Transaction | |
SFI | Springleaf Finance, Inc. | |
Share Purchase Agreement | a share purchase agreement entered into on January 3, 2018, among the Apollo-Värde Group, SFH and the Company to acquire from SFH 54,937,500 shares of our common stock that was issued and outstanding as of such date, representing the entire holdings of our stock beneficially owned by Fortress | |
SLFT | Springleaf Funding Trust | |
SpringCastle Interests Sale | the March 31, 2016 sale by SpringCastle Holdings, LLC and Springleaf Acquisition Corporation of the equity interest in the SpringCastle Joint Venture | |
SpringCastle Joint Venture | joint venture among SpringCastle America, LLC, SpringCastle Credit, LLC, SpringCastle Finance, LLC, and SpringCastle Acquisition LLC in which SpringCastle Holdings, LLC previously owned a 47% equity interest in each of SpringCastle America, LLC, SpringCastle Credit, LLC and SpringCastle Finance, LLC and Springleaf Acquisition Corporation previously owned a 47% equity interest in SpringCastle Acquisition LLC | |
Term or Abbreviation | Definition | |
SpringCastle Portfolio | loans acquired through the SpringCastle Joint Venture | |
Tax Act | Public Law 115-97 amending the Internal Revenue Code of 1986 | |
TDR finance receivables | troubled debt restructured finance receivables. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties. | |
Triton | Triton Insurance Company, an insurance subsidiary of OMFH | |
UPB | unpaid principal balance for interest bearing accounts and the gross remaining contractual payments less the unaccreted balance of unearned finance charges for precompute accounts | |
Värde | Värde Partners, Inc. | |
VIEs | variable interest entities | |
Weighted average interest rate | annualized interest expense as a percentage of average debt | |
Yield | annualized finance charges as a percentage of average net receivables | |
Item 1. Financial Statements. |
(dollars in millions, except par value amount) | June 30, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Investment securities | ||||||||
Net finance receivables (includes loans of consolidated VIEs of $8.0 billion in 2019 and $8.5 billion in 2018) | ||||||||
Unearned insurance premium and claim reserves | ( | ) | ( | ) | ||||
Allowance for finance receivable losses (includes allowance of consolidated VIEs of $369 million in 2019 and $444 million in 2018) | ( | ) | ( | ) | ||||
Net finance receivables, less unearned insurance premium and claim reserves and allowance for finance receivable losses | ||||||||
Finance receivables held for sale | ||||||||
Restricted cash and restricted cash equivalents (include restricted cash and restricted cash equivalents of consolidated VIEs of $409 million in 2019 and $479 million in 2018) | ||||||||
Goodwill | ||||||||
Other intangible assets | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and Shareholders’ Equity | ||||||||
Long-term debt (includes debt of consolidated VIEs of $7.1 billion in 2019 and $7.5 billion in 2018) | $ | $ | ||||||
Insurance claims and policyholder liabilities | ||||||||
Deferred and accrued taxes | ||||||||
Other liabilities (includes other liabilities of consolidated VIEs of $13 million in 2019 and $14 million in 2018) | ||||||||
Total liabilities | ||||||||
Commitments and contingent liabilities (Note 13) | ||||||||
Shareholders’ equity: | ||||||||
Common stock, par value $.01 per share; 2,000,000,000 shares authorized, 136,089,417 and 135,832,278 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | ||||||||
Additional paid-in capital | ||||||||
Accumulated other comprehensive income (loss) | ( | ) | ||||||
Retained earnings | ||||||||
Total shareholders’ equity | ||||||||
Total liabilities and shareholders’ equity | $ | $ | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income: | ||||||||||||||||
Finance charges | $ | $ | $ | $ | ||||||||||||
Finance receivables held for sale | ||||||||||||||||
Total interest income | ||||||||||||||||
Interest expense | ||||||||||||||||
Net interest income | ||||||||||||||||
Provision for finance receivable losses | ||||||||||||||||
Net interest income after provision for finance receivable losses | ||||||||||||||||
Other revenues: | ||||||||||||||||
Insurance | ||||||||||||||||
Investment | ||||||||||||||||
Net loss on repurchases and repayments of debt | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net gain on sale of real estate loans | ||||||||||||||||
Other | ||||||||||||||||
Total other revenues | ||||||||||||||||
Other expenses: | ||||||||||||||||
Salaries and benefits | ||||||||||||||||
Other operating expenses | ||||||||||||||||
Insurance policy benefits and claims | ||||||||||||||||
Total other expenses | ||||||||||||||||
Income before income taxes | ||||||||||||||||
Income taxes | ||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Share Data: | ||||||||||||||||
Weighted average number of shares outstanding: | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities | ( | ) | ( | ) | ||||||||||||
Foreign currency translation adjustments | ( | ) | ( | ) | ||||||||||||
Income tax effect: | ||||||||||||||||
Net unrealized gains (losses) on non-credit impaired available-for-sale securities | ( | ) | ( | ) | ||||||||||||
Retirement plan liability adjustments | ||||||||||||||||
Foreign currency translation adjustments | ( | ) | ( | ) | ( | ) | ||||||||||
Other comprehensive income (loss), net of tax | ( | ) | ( | ) | ||||||||||||
Comprehensive income (loss) | $ | $ | ( | ) | $ | $ | ||||||||||
(dollars in millions) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Shareholders’ Equity | |||||||||||||||
Balance, April 1, 2019 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | |||||||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||
Cash dividends * | — | — | — | ( | ) | ( | ) | |||||||||||||
Net income | — | — | — | |||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | |||||||||||||||
Balance, April 1, 2018 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
Non-cash incentive compensation from SFH | — | — | — | |||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | |||||||||||||||||
Withholding tax on share-based compensation | — | ( | ) | — | — | ( | ) | |||||||||||||
Other comprehensive loss | — | — | ( | ) | — | ( | ) | |||||||||||||
Impact of AOCI reclassification due to the Tax Act | — | — | ( | ) | ||||||||||||||||
Net income | — | — | — | |||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
Balance, January 1, 2019 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | |||||||||||||||||
Withholding tax on share-based compensation | — | ( | ) | — | — | ( | ) | |||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||
Cash dividends * | — | — | — | ( | ) | ( | ) | |||||||||||||
Net income | — | — | — | |||||||||||||||||
Balance, June 30, 2019 | $ | $ | $ | $ | $ | |||||||||||||||
Balance, January 1, 2018 | $ | $ | $ | $ | $ | |||||||||||||||
Non-cash incentive compensation from SFH | — | — | — | |||||||||||||||||
Share-based compensation expense, net of forfeitures | — | — | — | |||||||||||||||||
Withholding tax on share-based compensation | — | ( | ) | — | — | ( | ) | |||||||||||||
Other comprehensive loss | — | — | ( | ) | — | ( | ) | |||||||||||||
Impact of AOCI reclassification due to the Tax Act | — | — | ( | ) | ||||||||||||||||
Net income | — | — | — | |||||||||||||||||
Balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
(dollars in millions) | Six Months Ended June 30, | |||||||
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | $ | ||||||
Reconciling adjustments: | ||||||||
Provision for finance receivable losses | ||||||||
Depreciation and amortization | ||||||||
Deferred income tax charge | ||||||||
Net loss on repurchases and repayments of debt | ||||||||
Non-cash incentive compensation from SFH | ||||||||
Share-based compensation expense, net of forfeitures | ||||||||
Other | ( | ) | ||||||
Cash flows due to changes in other assets and other liabilities | ||||||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities | ||||||||
Net principal originations of finance receivables held for investment and held for sale | ( | ) | ( | ) | ||||
Proceeds on sales of finance receivables held for sale originated as held for investment | ||||||||
Available-for-sale securities purchased | ( | ) | ( | ) | ||||
Available-for-sale securities called, sold, and matured | ||||||||
Other securities purchased | ( | ) | ( | ) | ||||
Other securities called, sold, and matured | ||||||||
Other, net | ( | ) | ||||||
Net cash used for investing activities | ( | ) | ( | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of long-term debt, net of commissions | ||||||||
Repayment of long-term debt | ( | ) | ( | ) | ||||
Dividends | ( | ) | ||||||
Withholding tax on share-based compensation | ( | ) | ( | ) | ||||
Net cash provided by (used for) financing activities | ( | ) | ||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | ( | ) | ||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period | ||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period | $ | $ | ||||||
Supplemental cash flow information | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash and restricted cash equivalents | ||||||||
Total cash and cash equivalents and restricted cash and restricted cash equivalents | $ | $ | ||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | ||||||
Supplemental non-cash activities | ||||||||
Transfer of finance receivables to real estate owned | $ | $ | ||||||
Right-of-use assets obtained in exchange for operating lease obligations | — | |||||||
Net unsettled investment security purchases | ( | ) | ( | ) | ||||
1. Business and Basis of Presentation |
2. Recent Accounting Pronouncements |
3. Finance Receivables |
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Gross receivables * | $ | $ | ||||||
Unearned points and fees | ( | ) | ( | ) | ||||
Accrued finance charges | ||||||||
Deferred origination costs | ||||||||
Total | $ | $ | ||||||
* | Gross receivables equal the UPB except for the following: |
• | Finance receivables purchased as a performing receivable — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase to reflect the finance receivable balance at its initial fair value; and |
• | Purchased credit impaired finance receivables — gross receivables equal the remaining estimated cash flows less the current balance of accretable yield on the purchased credit impaired accounts. |
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Performing | ||||||||
Current | $ | $ | ||||||
30-59 days past due | ||||||||
60-89 days past due | ||||||||
Total performing | ||||||||
Nonperforming | ||||||||
90-179 days past due | ||||||||
180 days or more past due | ||||||||
Total nonperforming | ||||||||
Total | $ | $ | ||||||
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Personal Loans | ||||||||
Carrying amount, net of allowance | $ | $ | ||||||
Outstanding balance (a) | ||||||||
Allowance for purchased credit impaired finance receivable losses (b) | ||||||||
Real Estate Loans - Held for Sale | ||||||||
Carrying amount | $ | $ | ||||||
Outstanding balance (a) | ||||||||
(a) | Outstanding balance is defined as UPB of the loans with a net carrying amount. |
(b) | The allowance for purchased credit impaired finance receivable losses reflects the carrying value of the purchased credit impaired loans held for investment exceeding the present value of the expected cash flows. As indicated above, no allowance was required as of June 30, 2019 or December 31, 2018. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Personal Loans | ||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||||
Accretion | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Reclassifications from nonaccretable difference * | ||||||||||||||||
Balance at end of period | $ | $ | $ | $ | ||||||||||||
Real Estate Loans - Held for Sale | ||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||||
Accretion | ( | ) | ( | ) | ( | ) | ||||||||||
Transfer due to finance receivables sold | ( | ) | ||||||||||||||
Balance at end of period | $ | $ | $ | $ | ||||||||||||
* | Reclassifications from nonaccretable difference represents the increases in accretable yield resulting from higher estimated undiscounted cash flows. |
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Personal Loans | ||||||||
TDR gross receivables (a) | $ | $ | ||||||
TDR net receivables (b) | ||||||||
Allowance for TDR finance receivable losses | ||||||||
Real Estate Loans - Held for Sale | ||||||||
TDR gross receivables (a) | $ | $ | ||||||
TDR net receivables (b) | ||||||||
(a) | TDR gross receivables — gross receivables are equal to UPB and, if applicable, any remaining unearned premium or discount established at the time of purchase if previously purchased as a performing receivable. |
(b) | TDR net receivables — TDR gross receivables net of unearned points and fees, accrued finance charges, and deferred origination costs. |
(dollars in millions) | Personal Loans | Other Receivables * | Total | |||||||||
Three Months Ended June 30, 2019 | ||||||||||||
TDR average net receivables | $ | $ | $ | |||||||||
TDR finance charges recognized | ||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||
TDR average net receivables | $ | $ | $ | |||||||||
TDR finance charges recognized | ||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||
TDR average net receivables | $ | $ | $ | |||||||||
TDR finance charges recognized | ||||||||||||
Six Months Ended June 30, 2018 | ||||||||||||
TDR average net receivables | $ | $ | $ | |||||||||
TDR finance charges recognized | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
TDR average net receivables | $ | $ | $ | $ | ||||||||||||
TDR finance charges recognized | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Personal Loans | ||||||||||||||||
Pre-modification TDR net finance receivables | $ | $ | $ | $ | ||||||||||||
Post-modification TDR net finance receivables: | ||||||||||||||||
Rate reduction | $ | $ | $ | $ | ||||||||||||
Other * | ||||||||||||||||
Total post-modification TDR net finance receivables | $ | $ | $ | $ | ||||||||||||
Number of TDR accounts | ||||||||||||||||
* | “Other” modifications primarily include potential principal and interest forgiveness contingent on future payment performance by the |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Personal Loans | ||||||||||||||||
TDR net finance receivables * | $ | $ | $ | $ | ||||||||||||
Number of TDR accounts | ||||||||||||||||
* | Represents the corresponding balance of TDR net finance receivables at the end of the month in which they defaulted. |
4. Allowance for Finance Receivable Losses |
(dollars in millions) | Personal Loans | Other Receivables | Total | |||||||||
Three Months Ended June 30, 2019 | ||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||
Provision for finance receivable losses | ||||||||||||
Charge-offs | ( | ) | ( | ) | ||||||||
Recoveries | ||||||||||||
Balance at end of period | $ | $ | $ | |||||||||
Three Months Ended June 30, 2018 | ||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||
Provision for finance receivable losses | ( | ) | ||||||||||
Charge-offs | ( | ) | ( | ) | ||||||||
Recoveries | ||||||||||||
Balance at end of period | $ | $ | $ | |||||||||
Six Months Ended June 30, 2019 | ||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||
Provision for finance receivable losses | ||||||||||||
Charge-offs | ( | ) | ( | ) | ||||||||
Recoveries | ||||||||||||
Balance at end of period | $ | $ | $ | |||||||||
Six Months Ended June 30, 2018 | ||||||||||||
Balance at beginning of period | $ | $ | $ | |||||||||
Provision for finance receivable losses | ( | ) | ||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ||||||
Recoveries | ||||||||||||
Balance at end of period | $ | $ | $ | |||||||||
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Allowance for finance receivable losses: | ||||||||
Collectively evaluated for impairment | $ | $ | ||||||
Purchased credit impaired finance receivables | ||||||||
TDR finance receivables | ||||||||
Total | $ | $ | ||||||
Finance receivables: | ||||||||
Collectively evaluated for impairment | $ | $ | ||||||
Purchased credit impaired finance receivables | ||||||||
TDR finance receivables | ||||||||
Total | $ | $ | ||||||
Allowance for finance receivable losses as a percentage of finance receivables | % | % | ||||||
5. Finance Receivables Held for Sale |
6. Investment Securities |
(dollars in millions) | Cost/ Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
June 30, 2019 | ||||||||||||||||
Fixed maturity available-for-sale securities: | ||||||||||||||||
U.S. government and government sponsored entities | $ | $ | $ | $ | ||||||||||||
Obligations of states, municipalities, and political subdivisions | ||||||||||||||||
Certificates of deposit and commercial paper | ||||||||||||||||
Non-U.S. government and government sponsored entities | ||||||||||||||||
Corporate debt | ( | ) | ||||||||||||||
Mortgage-backed, asset-backed, and collateralized: | ||||||||||||||||
RMBS | ||||||||||||||||
CMBS | ||||||||||||||||
CDO/ABS | ||||||||||||||||
Total | $ | $ | $ | ( | ) | $ | ||||||||||
December 31, 2018 | ||||||||||||||||
Fixed maturity available-for-sale securities: | ||||||||||||||||
U.S. government and government sponsored entities | $ | $ | $ | $ | ||||||||||||
Obligations of states, municipalities, and political subdivisions | ( | ) | ||||||||||||||
Certificates of deposit and commercial paper | ||||||||||||||||
Non-U.S. government and government sponsored entities | ( | ) | ||||||||||||||
Corporate debt | ( | ) | ||||||||||||||
Mortgage-backed, asset-backed, and collateralized: | ||||||||||||||||
RMBS | ( | ) | ||||||||||||||
CMBS | ( | ) | ||||||||||||||
CDO/ABS | ( | ) | ||||||||||||||
Total | $ | $ | $ | ( | ) | $ | ||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
(dollars in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||
U.S. government and government sponsored entities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Obligations of states, municipalities, and political subdivisions | ||||||||||||||||||||||||
Non-U.S. government and government sponsored entities | ||||||||||||||||||||||||
Corporate debt | ( | ) | ( | ) | ||||||||||||||||||||
Mortgage-backed, asset-backed, and collateralized: | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||
CDO/ABS | ||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
U.S. government and government sponsored entities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Obligations of states, municipalities, and political subdivisions | ( | ) | ( | ) | ||||||||||||||||||||
Non-U.S. government and government sponsored entities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Corporate debt | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Mortgage-backed, asset-backed, and collateralized: | ||||||||||||||||||||||||
RMBS | ( | ) | ( | ) | ||||||||||||||||||||
CMBS | ( | ) | ( | ) | ||||||||||||||||||||
CDO/ABS | ( | ) | ( | ) | ||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||||
(dollars in millions) | Fair Value | Amortized Cost | ||||||
Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: | ||||||||
Due in 1 year or less | $ | $ | ||||||
Due after 1 year through 5 years | ||||||||
Due after 5 years through 10 years | ||||||||
Due after 10 years | ||||||||
Mortgage-backed, asset-backed, and collateralized securities | ||||||||
Total | $ | $ | ||||||
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Fixed maturity other securities: | ||||||||
Bonds | ||||||||
Non-U.S. government and government sponsored entities | $ | $ | ||||||
Corporate debt | ||||||||
Mortgage-backed, asset-backed, and collateralized bonds | ||||||||
Total bonds | ||||||||
Preferred stock (a) | ||||||||
Common stock (a) | ||||||||
Other long-term investments | ||||||||
Total | $ | $ | ||||||
(a) | The Company employs an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments. |
7. Long-term Debt |
Senior Debt | ||||||||||||||||
(dollars in millions) | Securitizations | Unsecured Notes (a) | Junior Subordinated Debt (a) | Total | ||||||||||||
Interest rates (b) | 2.16% - 6.94% | 5.63% - 8.25% | % | |||||||||||||
Remainder of 2019 | ||||||||||||||||
2020 | ||||||||||||||||
2021 | ||||||||||||||||
2022 | ||||||||||||||||
2023 | ||||||||||||||||
2024-2067 | ||||||||||||||||
Securitizations (c) | ||||||||||||||||
Total principal maturities | $ | $ | $ | $ | ||||||||||||
Total carrying amount | $ | $ | $ | $ | ||||||||||||
Debt issuance costs (d) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
(a) | Pursuant to the SFC Base Indenture, the SFC supplemental indentures and the SFC Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the SFC Unsecured Senior Notes and Junior Subordinated Debenture. The OMH guarantees of SFC’s long-term debt are subject to customary release provisions. |
(b) | The interest rates shown are the range of contractual rates in effect at June 30, 2019. The interest rate on the remaining principal balance of the Junior Subordinated Debenture consists of a variable floating rate (determined quarterly) equal to 3-month LIBOR plus |
(c) | Securitizations have a stated maturity date but are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. At June 30, 2019, there were |
(d) | Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $ |
8. Variable Interest Entities |
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Finance receivables - Personal loans | ||||||||
Allowance for finance receivable losses | ||||||||
Restricted cash and restricted cash equivalents | ||||||||
Other assets | ||||||||
Liabilities | ||||||||
Long-term debt | $ | $ | ||||||
Other liabilities | ||||||||
9. Insurance |
At or for the Six Months Ended June 30, | ||||||||
(dollars in millions) | 2019 | 2018 | ||||||
Balance at beginning of period | $ | $ | ||||||
Less reinsurance recoverables | ( | ) | ( | ) | ||||
Net balance at beginning of period | ||||||||
Additions for losses and loss adjustment expenses incurred to: | ||||||||
Current year | ||||||||
Prior years * | ( | ) | ( | ) | ||||
Total | ||||||||
Reductions for losses and loss adjustment expenses paid related to: | ||||||||
Current year | ( | ) | ( | ) | ||||
Prior years | ( | ) | ( | ) | ||||
Total | ( | ) | ( | ) | ||||
Net balance at end of period | ||||||||
Plus reinsurance recoverables | ||||||||
Transfer of reserves | ( | ) | ||||||
Balance at end of period | $ | $ | ||||||
* |
10. Earnings Per Share |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions, except per share data) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Numerator (basic and diluted): | ||||||||||||||||
Net income attributable to OneMain Holdings, Inc. | $ | $ | $ | $ | ||||||||||||
Denominator: | ||||||||||||||||
Weighted average number of shares outstanding (basic) | ||||||||||||||||
Effect of dilutive securities * | ||||||||||||||||
Weighted average number of shares outstanding (diluted) | ||||||||||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
Performance-based shares | ||||||||||||
Service-based shares | ||||||||||||
11. Accumulated Other Comprehensive Income (Loss) |
(dollars in millions) | Unrealized Gains (Losses) Available-for-Sale Securities | Retirement Plan Liabilities Adjustments | Foreign Currency Translation Adjustments | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||
Balance at beginning of period | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
Other comprehensive income before reclassifications | ||||||||||||||||
Balance at end of period | $ | $ | ( | ) | $ | $ | ||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||
Impact of AOCI reclassification due to the Tax Act | ( | ) | ||||||||||||||
Balance at end of period | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Other comprehensive income before reclassifications | ||||||||||||||||
Balance at end of period | $ | $ | ( | ) | $ | $ | ||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||
Impact of AOCI reclassification due to the Tax Act | ( | ) | ||||||||||||||
Balance at end of period | $ | ( | ) | $ | $ | $ | ( | ) | ||||||||
12. Income Taxes |
13. Leases and Contingencies |
(dollars in millions) | Operating Leases | |||
2019 (excluding the six months ended June 30, 2019) | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024 | ||||
Thereafter | ||||
Total lease payments | ||||
Imputed interest | ( | ) | ||
Total | $ | |||
Weighted Average Remaining Lease Term | |||
Weighted Average Discount Rate | % | ||
(dollars in millions) | Lease Commitments | |||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
2024+ | ||||
Total | $ | |||
14. Segment Information |
(dollars in millions) | Consumer and Insurance | Acquisitions and Servicing | Other | Segment to GAAP Adjustment | Consolidated Total | |||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||
Interest income | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Interest expense | ||||||||||||||||||||
Provision for finance receivable losses | ||||||||||||||||||||
Net interest income after provision for finance receivable losses | ( | ) | ||||||||||||||||||
Other revenues | ||||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||||
Interest income | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Interest expense | ||||||||||||||||||||
Provision for finance receivable losses | ( | ) | ||||||||||||||||||
Net interest income after provision for finance receivable losses | ( | ) | ||||||||||||||||||
Other revenues | ||||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||
(dollars in millions) | Consumer and Insurance | Acquisitions and Servicing | Other | Segment to GAAP Adjustment | Consolidated Total | |||||||||||||||
At or for the Six Months Ended June 30, 2019 | ||||||||||||||||||||
Interest income | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Interest expense | ||||||||||||||||||||
Provision for finance receivable losses | ||||||||||||||||||||
Net interest income after provision for finance receivable losses | ( | ) | ||||||||||||||||||
Other revenues | ( | ) | ||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | $ | $ | ( | ) | $ | ( | ) | $ | |||||||||||
Assets | $ | $ | $ | $ | $ | |||||||||||||||
At or for the Six Months Ended June 30, 2018 | ||||||||||||||||||||
Interest income | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
Interest expense | ||||||||||||||||||||
Provision for finance receivable losses | ( | ) | ||||||||||||||||||
Net interest income after provision for finance receivable losses | ( | ) | ||||||||||||||||||
Other revenues | ( | ) | ||||||||||||||||||
Other expenses | ||||||||||||||||||||
Income (loss) before income tax expense (benefit) | $ | $ | $ | ( | ) | $ | $ | |||||||||||||
Assets | $ | $ | $ | $ | $ | |||||||||||||||
15. Fair Value Measurements |
Fair Value Measurements Using | Total Fair Value | Total Carrying Value | ||||||||||||||||||
(dollars in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
June 30, 2019 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||
Investment securities | ||||||||||||||||||||
Net finance receivables, less allowance for finance receivable losses | ||||||||||||||||||||
Finance receivables held for sale | ||||||||||||||||||||
Restricted cash and restricted cash equivalents | ||||||||||||||||||||
Other assets * | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Long-term debt | $ | $ | $ | $ | $ | |||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||
Investment securities | ||||||||||||||||||||
Net finance receivables, less allowance for finance receivable losses | ||||||||||||||||||||
Finance receivables held for sale | ||||||||||||||||||||
Restricted cash and restricted cash equivalents | ||||||||||||||||||||
Other assets * | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Long-term debt | $ | $ | $ | $ | $ | |||||||||||||||
* | Other assets at June 30, 2019 and December 31, 2018 include miscellaneous receivables related to our liquidating loan portfolios. |
Fair Value Measurements Using | Total Carried At Fair Value | |||||||||||||||
(dollars in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||
June 30, 2019 | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents in mutual funds | $ | $ | $ | $ | ||||||||||||
Cash equivalents in securities | ||||||||||||||||
Investment securities: | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
U.S. government and government sponsored entities | ||||||||||||||||
Obligations of states, municipalities, and political subdivisions | ||||||||||||||||
Certificates of deposit and commercial paper | ||||||||||||||||
Non-U.S. government and government sponsored entities | ||||||||||||||||
Corporate debt | ||||||||||||||||
RMBS | ||||||||||||||||
CMBS | ||||||||||||||||
CDO/ABS | ||||||||||||||||
Total available-for-sale securities | ||||||||||||||||
Other securities | ||||||||||||||||
Bonds: | ||||||||||||||||
Non-U.S. government and government sponsored entities | ||||||||||||||||
Corporate debt | ||||||||||||||||
RMBS | ||||||||||||||||
CDO/ABS | ||||||||||||||||
Total bonds | ||||||||||||||||
Preferred stock | ||||||||||||||||
Common stock | ||||||||||||||||
Other long-term investments | ||||||||||||||||
Total other securities | ||||||||||||||||
Total investment securities | ||||||||||||||||
Restricted cash in mutual funds | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
Fair Value Measurements Using | Total Carried At Fair Value | |||||||||||||||
(dollars in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||
December 31, 2018 | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents in mutual funds | $ | $ | $ | $ | ||||||||||||
Cash equivalents in securities | ||||||||||||||||
Investment securities: | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
U.S. government and government sponsored entities | ||||||||||||||||
Obligations of states, municipalities, and political subdivisions | ||||||||||||||||
Certificates of deposit and commercial paper | ||||||||||||||||
Non-U.S. government and government sponsored entities | ||||||||||||||||
Corporate debt | ||||||||||||||||
RMBS | ||||||||||||||||
CMBS | ||||||||||||||||
CDO/ABS | ||||||||||||||||
Total available-for-sale securities | ||||||||||||||||
Other securities | ||||||||||||||||
Bonds: | ||||||||||||||||
Non-U.S. government and government sponsored entities | ||||||||||||||||
Corporate debt | ||||||||||||||||
RMBS | ||||||||||||||||
CDO/ABS | ||||||||||||||||
Total bonds | ||||||||||||||||
Preferred stock | ||||||||||||||||
Common stock | ||||||||||||||||
Other long-term investments | ||||||||||||||||
Total other securities | ||||||||||||||||
Total investment securities | ||||||||||||||||
Restricted cash in mutual funds | ||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||
16. Subsequent Events |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Topic | Page | |
Forward-Looking Statements |
• | adverse changes in general economic conditions, including the interest rate environment and the financial markets; |
• | risks related to the acquisition or sale of assets or businesses or the formation, termination, or operation of joint ventures or other strategic alliances, including increased loan delinquencies or net charge-offs, integration or migration issues, increased costs of servicing, incomplete records, and retention of customers; |
• | our estimates of the allowance for finance receivable losses may not be adequate to absorb actual losses, causing our provision for finance receivable losses to increase, which would adversely affect our results of operations; |
• | increased levels of unemployment and personal bankruptcies; |
• | our strategy of increasing the proportion of secured loans may lead to declines in or slower growth in our personal loan receivables and portfolio yield; |
• | adverse changes in the rate at which we can collect or potentially sell our finance receivables portfolio; |
• | our decentralized branch loan approval process could expose us to greater than historical delinquencies and charge-offs; |
• | natural or accidental events such as earthquakes, hurricanes, tornadoes, fires, or floods affecting our customers, collateral, or our branches or other operating facilities; |
• | war, acts of terrorism, riots, civil disruption, pandemics, disruptions in the operation of our information systems, or other events disrupting business or commerce; |
• | a failure in or breach of our operational or security systems or infrastructure or those of third parties, including as a result of cyber-attacks, or other cyber-related incidents involving the loss, theft or unauthorized disclosure of personally identifiable information, or “PII,” of our present or former customers; |
• | our credit risk scoring models may be inadequate to properly assess the risk of customer unwillingness or lack of capacity to repay; |
• | adverse changes in our ability to attract and retain employees or key executives to support our businesses; |
• | increased competition, lack of customer responsiveness to our distribution channels, an inability to make technological improvements, and the ability of our competitors to offer a more attractive range of personal loan products than we offer; |
• | changes in federal, state, or local laws, regulations, or regulatory policies and practices that adversely affect our ability to conduct business or the manner in which we are permitted to conduct business, such as licensing requirements, pricing limitations or restrictions on the method of offering products, as well as changes that may result from increased regulatory scrutiny of the sub-prime lending industry, our use of third party vendors and real estate loan servicing, or changes in corporate or individual income tax laws or regulations, including effects of the Tax Act; |
• | risks associated with our insurance operations, including insurance claims that exceed our expectations or insurance losses that exceed our reserves; |
• | our inability to successfully implement our growth strategy for our consumer lending business or successfully acquire portfolios of personal loans; |
• | declines in collateral values or increases in actual or projected delinquencies or net charge-offs; |
• | potential liability relating to finance receivables which we have sold or securitized or may sell or securitize in the future if it is determined that there was a non-curable breach of a representation or warranty made in connection with such transactions; |
• | the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations, including any associated litigation; |
• | the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority and any associated litigation; |
• | our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; |
• | our ability to comply with our debt covenants; |
• | our ability to generate sufficient cash to service all of our indebtedness; |
• | any material impairment or write-down of the value of our assets; |
• | the ownership of our common stock continues to be highly concentrated, which may prevent other minority stockholders from influencing significant corporate decisions and may result in conflicts of interest; |
• | the effects of any downgrade of our debt ratings by credit rating agencies, which could have a negative impact on our cost of and/or access to capital; |
• | our substantial indebtedness, which could prevent us from meeting our obligations under our debt instruments and limit our ability to react to changes in the economy or our industry or our ability to incur additional borrowings; |
• | our ability to maintain sufficient capital levels in our regulated and unregulated subsidiaries; |
• | changes in accounting standards or tax policies and practices and the application of such new standards, policies and practices; |
• | management estimates and assumptions, including estimates and assumptions about future events, may prove to be incorrect; |
• | any failure to achieve the SpringCastle Portfolio performance requirements, which could, among other things, cause us to lose our loan servicing rights over the SpringCastle Portfolio; and |
• | various risks relating to continued compliance with the Settlement Agreement with the U.S. Department of Justice. |
Overview |
• | Personal Loans — We offer personal loans through our branch network, centralized operations, and our website, www.omf.com, to customers who generally need timely access to cash. Our personal loans are non-revolving, with a fixed-rate, a fixed term of three to six years, and are secured by automobiles, other titled collateral, or are unsecured. At June 30, 2019, we had approximately 2.4 million personal loans, representing $17.0 billion of net finance receivables, compared to approximately 2.4 million personal loans totaling $16.2 billion at December 31, 2018. |
• | Insurance Products — We offer our customers optional credit insurance products (life insurance, disability insurance, and involuntary unemployment insurance) and optional non-credit insurance products through both our branch network and our centralized operations. Credit insurance and non-credit insurance products are provided by our affiliated insurance companies. We also offer optional home and auto membership plans of an unaffiliated company. |
• | Other Receivables — We ceased originating real estate loans in 2012 and purchasing retail sales finance contracts and revolving retail accounts in 2013. We continue to service or sub-service liquidating real estate loans and retail sales finance contracts. Effective September 30, 2018, our real estate loans were transferred from held for investment to held for sale. See Notes 5, 6 and 7 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for more information about Other Receivables. |
• | Consumer and Insurance; and |
• | Acquisitions and Servicing. |
Recent Developments and Outlook |
Results of Operations |
At or for the Three Months Ended June 30, | At or for the Six Months Ended June 30, | |||||||||||||||
(dollars in millions, except per share amounts) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income | $ | 1,000 | $ | 905 | $ | 1,955 | $ | 1,767 | ||||||||
Interest expense | 238 | 220 | 473 | 420 | ||||||||||||
Provision for finance receivable losses | 268 | 260 | 554 | 514 | ||||||||||||
Net interest income after provision for finance receivable losses | 494 | 425 | 928 | 833 | ||||||||||||
Other revenues | 156 | 140 | 304 | 277 | ||||||||||||
Other expenses | 394 | 522 | 774 | 899 | ||||||||||||
Income before income taxes | 256 | 43 | 458 | 211 | ||||||||||||
Income taxes | 62 | 36 | 112 | 80 | ||||||||||||
Net income | $ | 194 | $ | 7 | $ | 346 | $ | 131 | ||||||||
Share Data: | ||||||||||||||||
Earnings per share: | ||||||||||||||||
Diluted | $ | 1.42 | $ | 0.05 | $ | 2.54 | $ | 0.96 | ||||||||
Selected Financial Statistics * | ||||||||||||||||
Finance receivables held for investment: | ||||||||||||||||
Net finance receivables | $ | 16,980 | $ | 15,508 | $ | 16,980 | $ | 15,508 | ||||||||
Number of accounts | 2,356,975 | 2,373,671 | 2,356,975 | 2,373,671 | ||||||||||||
Finance receivables held for sale: | ||||||||||||||||
Net finance receivables | $ | 74 | $ | 123 | $ | 74 | $ | 123 | ||||||||
Number of accounts | 2,228 | 2,277 | 2,228 | 2,277 | ||||||||||||
Finance receivables held for investment and held for sale: | ||||||||||||||||
Average net receivables | $ | 16,538 | $ | 15,239 | $ | 16,342 | $ | 15,113 | ||||||||
Average daily debt balance | $ | 15,974 | $ | 15,569 | $ | 15,906 | $ | 15,258 | ||||||||
Yield | 24.19 | % | 23.74 | % | 24.06 | % | 23.50 | % | ||||||||
Gross charge-off ratio | 7.03 | % | 7.32 | % | 7.42 | % | 7.58 | % | ||||||||
Recovery ratio | (0.80 | )% | (0.82 | )% | (0.75 | )% | (0.79 | )% | ||||||||
Net charge-off ratio | 6.23 | % | 6.50 | % | 6.67 | % | 6.79 | % | ||||||||
30-89 Delinquency ratio | 2.14 | % | 2.18 | % | 2.14 | % | 2.18 | % | ||||||||
Origination volume | $ | 3,879 | $ | 3,216 | $ | 6,462 | $ | 5,756 | ||||||||
Number of accounts originated | 410,347 | 393,561 | 686,677 | 718,291 | ||||||||||||
* | See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Consumer and Insurance | ||||||||||||||||
Income before income taxes - Segment Accounting Basis | $ | 270 | $ | 154 | $ | 502 | $ | 327 | ||||||||
Adjustments: | ||||||||||||||||
Net loss on repurchases and repayments of debt | 12 | 35 | 28 | 62 | ||||||||||||
Acquisition-related transaction and integration expenses | 8 | 22 | 14 | 32 | ||||||||||||
Net gain on sale of cost method investment | — | — | (11 | ) | — | |||||||||||
Restructuring charges | 1 | — | 4 | — | ||||||||||||
Adjusted pretax income (non-GAAP) | $ | 291 | $ | 211 | $ | 537 | $ | 421 | ||||||||
Acquisitions and Servicing | ||||||||||||||||
Income before income taxes - Segment Accounting Basis | $ | 6 | $ | — | $ | 6 | $ | 1 | ||||||||
Adjustment: | ||||||||||||||||
Additional net gain on sale of SpringCastle interests | (7 | ) | — | (7 | ) | — | ||||||||||
Adjusted pretax income (loss) (non-GAAP) | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 1 | ||||||
Other | ||||||||||||||||
Loss before income tax benefit - Segment Accounting Basis | $ | (3 | ) | $ | (109 | ) | $ | (6 | ) | $ | (119 | ) | ||||
Adjustments: | ||||||||||||||||
Non-cash incentive compensation expense | — | 106 | — | 106 | ||||||||||||
Net loss on sale of real estate loans * | — | — | 1 | — | ||||||||||||
Adjusted pretax loss (non-GAAP) | $ | (3 | ) | $ | (3 | ) | $ | (5 | ) | $ | (13 | ) | ||||
* | During the six months ended June 30, 2019, the resulting impairment on finance receivables held for sale remaining after the February 2019 Real Estate Loan Sale has been combined with the gain on the sale. |
Segment Results |
At or for the Three Months Ended June 30, | At or for the Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income | $ | 999 | $ | 911 | $ | 1,953 | $ | 1,784 | ||||||||
Interest expense | 232 | 212 | 462 | 406 | ||||||||||||
Provision for finance receivable losses | 263 | 261 | 539 | 519 | ||||||||||||
Net interest income after provision for finance receivable losses | 504 | 438 | 952 | 859 | ||||||||||||
Other revenues | 156 | 141 | 307 | 273 | ||||||||||||
Other expenses | 369 | 368 | 722 | 711 | ||||||||||||
Adjusted pretax income (non-GAAP) | $ | 291 | $ | 211 | $ | 537 | $ | 421 | ||||||||
Selected Financial Statistics * | ||||||||||||||||
Finance receivables held for investment: | ||||||||||||||||
Net finance receivables | $ | 17,016 | $ | 15,406 | $ | 17,016 | $ | 15,406 | ||||||||
Number of accounts | 2,356,975 | 2,369,661 | 2,356,975 | 2,369,661 | ||||||||||||
Finance receivables held for investment and held for sale: | ||||||||||||||||
Average net receivables | $ | 16,573 | $ | 15,130 | $ | 16,376 | $ | 14,995 | ||||||||
Yield | 24.17 | % | 24.14 | % | 24.05 | % | 23.99 | % | ||||||||
Gross charge-off ratio | 7.11 | % | 7.56 | % | 7.51 | % | 7.82 | % | ||||||||
Recovery ratio | (0.91 | )% | (0.94 | )% | (0.86 | )% | (0.91 | )% | ||||||||
Net charge-off ratio | 6.20 | % | 6.62 | % | 6.65 | % | 6.91 | % | ||||||||
30-89 Delinquency ratio | 2.15 | % | 2.13 | % | 2.15 | % | 2.13 | % | ||||||||
Origination volume | $ | 3,879 | $ | 3,216 | $ | 6,462 | $ | 5,756 | ||||||||
Number of accounts originated | 410,347 | 393,561 | 686,677 | 718,291 | ||||||||||||
* | See “Glossary” at the beginning of this report for formulas and definitions of our key performance ratios. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Other revenues | $ | 5 | $ | 8 | $ | 12 | $ | 17 | ||||||||
Other expenses | 6 | 8 | 13 | 16 | ||||||||||||
Adjusted pretax income (loss) (non-GAAP) | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 1 | ||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(dollars in millions) | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income | $ | 2 | $ | 5 | $ | 5 | $ | 9 | ||||||||
Interest expense | 1 | 5 | 3 | 9 | ||||||||||||
Provision for finance receivable losses | — | (3 | ) | — | (5 | ) | ||||||||||
Net interest income after provision for finance receivable losses | 1 | 3 | 2 | 5 | ||||||||||||
Other revenues | — | — | 3 | (2 | ) | |||||||||||
Other expenses * | 4 | 6 | 10 | 16 | ||||||||||||
Adjusted pretax loss (non-GAAP) | $ | (3 | ) | $ | (3 | ) | $ | (5 | ) | $ | (13 | ) | ||||
* | Other expenses for the six months ended June 30, 2018 include $4 million of non-cash incentive compensation expense related to the rights of certain executives to a portion of the cash proceeds from the sale of OMH’s common stock by SFH. |
June 30, | ||||||||
(dollars in millions) | 2019 | 2018 | ||||||
Net finance receivables | ||||||||
Other receivables * | $ | — | $ | 131 | ||||
Net finance receivables held for sale: | ||||||||
Other receivables * | $ | 75 | $ | 130 | ||||
* | On September 30, 2018, we transferred our real estate loans previously classified as Other Receivables from held for investment to held for sale. See Notes 5 and 7 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for further information. |
Credit Quality |
• | Prime: FICO score of 660 or higher |
• | Near prime: FICO score of 620-659 |
• | Sub-prime: FICO score of 619 or below |
(dollars in millions) | June 30, 2019 | December 31, 2018 | ||||||
FICO scores | ||||||||
660 or higher | $ | 4,093 | $ | 3,906 | ||||
620-659 | 4,597 | 4,251 | ||||||
619 or below | 8,290 | 8,007 | ||||||
Total | $ | 16,980 | $ | 16,164 | ||||
(dollars in millions) | Consumer and Insurance | Segment to GAAP Adjustment | GAAP Basis | |||||||||
June 30, 2019 | ||||||||||||
Current | $ | 16,357 | $ | (32 | ) | $ | 16,325 | |||||
30-59 days past due | 221 | (1 | ) | 220 | ||||||||
Delinquent (60-89 days past due) | 145 | (1 | ) | 144 | ||||||||
Performing | 16,723 | (34 | ) | 16,689 | ||||||||
Nonperforming (90+ days past due) | 293 | (2 | ) | 291 | ||||||||
Total net finance receivables | $ | 17,016 | $ | (36 | ) | $ | 16,980 | |||||
Delinquency ratio | ||||||||||||
30-89 days past due | 2.15 | % | * | 2.14 | % | |||||||
30+ days past due | 3.87 | % | * | 3.86 | % | |||||||
60+ days past due | 2.58 | % | * | 2.57 | % | |||||||
90+ days past due | 1.72 | % | * | 1.72 | % | |||||||
December 31, 2018 | ||||||||||||
Current | $ | 15,437 | $ | (26 | ) | $ | 15,411 | |||||
30-59 days past due | 231 | (2 | ) | 229 | ||||||||
Delinquent (60-89 days past due) | 162 | (1 | ) | 161 | ||||||||
Performing | 15,830 | (29 | ) | 15,801 | ||||||||
Nonperforming (90+ days past due) | 365 | (2 | ) | 363 | ||||||||
Total net finance receivables | $ | 16,195 | $ | (31 | ) | $ | 16,164 | |||||
Delinquency ratio | ||||||||||||
30-89 days past due | 2.43 | % | * | 2.42 | % | |||||||
30+ days past due | 4.68 | % | * | 4.66 | % | |||||||
60+ days past due | 3.26 | % | * | 3.25 | % | |||||||
90+ days past due | 2.25 | % | * | 2.25 | % | |||||||
* | Not applicable. |
(dollars in millions) | Consumer and Insurance | Other (a) | Segment to GAAP Adjustment | Consolidated Total | ||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||
Balance at beginning of period | $ | 765 | $ | — | $ | (32 | ) | $ | 733 | |||||||
Provision for finance receivable losses | 263 | — | 5 | 268 | ||||||||||||
Charge-offs | (294 | ) | — | 4 | (290 | ) | ||||||||||
Recoveries | 38 | — | (5 | ) | 33 | |||||||||||
Balance at end of period | $ | 772 | $ | — | $ | (28 | ) | $ | 744 | |||||||
Three Months Ended June 30, 2018 | ||||||||||||||||
Balance at beginning of period | $ | 718 | $ | 32 | $ | (61 | ) | $ | 689 | |||||||
Provision for finance receivable losses | 261 | (3 | ) | 2 | 260 | |||||||||||
Charge-offs | (285 | ) | — | 7 | (278 | ) | ||||||||||
Recoveries | 35 | 1 | (5 | ) | 31 | |||||||||||
Balance at end of period | $ | 729 | $ | 30 | $ | (57 | ) | $ | 702 | |||||||
Six Months Ended June 30, 2019 | ||||||||||||||||
Balance at beginning of period | $ | 773 | $ | — | $ | (42 | ) | $ | 731 | |||||||
Provision for finance receivable losses | 539 | — | 15 | 554 | ||||||||||||
Charge-offs | (610 | ) | — | 9 | (601 | ) | ||||||||||
Recoveries | 70 | — | (10 | ) | 60 | |||||||||||
Balance at end of period | $ | 772 | $ | — | $ | (28 | ) | $ | 744 | |||||||
Allowance ratio | 4.54 | % | (b) | (b) | 4.38 | % | ||||||||||
Six Months Ended June 30, 2018 | ||||||||||||||||
Balance at beginning of period | $ | 724 | $ | 35 | $ | (62 | ) | $ | 697 | |||||||
Provision for finance receivable losses | 519 | (5 | ) | — | 514 | |||||||||||
Charge-offs | (582 | ) | (2 | ) | 16 | (568 | ) | |||||||||
Recoveries | 68 | 2 | (11 | ) | 59 | |||||||||||
Balance at end of period | $ | 729 | $ | 30 | $ | (57 | ) | $ | 702 | |||||||
Allowance ratio | 4.73 | % | 22.76 | % | (b) | 4.53 | % | |||||||||
(a) | Due to the transfer of our real estate loans from held for investment to held for sale on September 30, 2018, there are no longer finance receivable losses associated in Other. See Note 5 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for further information. |
(b) | Not applicable. |
(dollars in millions) | Consumer and Insurance | Segment to GAAP Adjustment | GAAP Basis | |||||||||
June 30, 2019 | ||||||||||||
TDR net finance receivables | $ | 628 | $ | (79 | ) | $ | 549 | |||||
Allowance for TDR finance receivable losses | 254 | (27 | ) | 227 | ||||||||
December 31, 2018 | ||||||||||||
TDR net finance receivables | $ | 555 | $ | (102 | ) | $ | 453 | |||||
Allowance for TDR finance receivable losses | 210 | (40 | ) | 170 | ||||||||
Liquidity and Capital Resources |
• | SFC’s 6.625% Senior Notes Due 2028 Offering |
• | SFC’s 6.125% Senior Notes Due 2024 Offering |
• | Redemption of 5.25% Senior Notes Due 2019 |
• | Redemption of 6.00% Senior Notes Due 2020 |
• | Additional Offering of SFC’s 6.125% Senior Notes Due 2024 |
• | OMFIT 2019-A |
(dollars in millions) | Issue Amount (a) | Initial Collateral Balance | Current Note Amounts Outstanding (a) | Current Collateral Balance (b) | Current Weighted Average Interest Rate | Original Revolving Period | |||||||||||||||
SLFT 2015-B | $ | 314 | $ | 336 | $ | 314 | $ | 336 | 3.78 | % | 5 years | ||||||||||
SLFT 2016-A | 532 | 559 | 302 | 335 | 3.23 | % | 2 years | ||||||||||||||
SLFT 2017-A | 652 | 685 | 619 | 685 | 2.98 | % | 3 years | ||||||||||||||
OMFIT 2015-1 | 1,229 | 1,397 | 279 | 409 | 5.50 | % | 3 years | ||||||||||||||
OMFIT 2015-3 | 293 | 329 | 293 | 325 | 4.21 | % | 5 years | ||||||||||||||
OMFIT 2016-1 | 500 | 570 | 296 | 367 | 4.20 | % | 3 years | ||||||||||||||
OMFIT 2016-2 | 890 | 1,007 | 166 | 326 | 5.81 | % | 2 years | ||||||||||||||
OMFIT 2016-3 | 350 | 397 | 317 | 391 | 4.33 | % | 5 years | ||||||||||||||
OMFIT 2017-1 | 947 | 988 | 900 | 988 | 2.78 | % | 2 years | ||||||||||||||
OMFIT 2018-1 | 632 | 650 | 600 | 651 | 3.60 | % | 3 years | ||||||||||||||
OMFIT 2018-2 | 368 | 381 | 350 | 381 | 3.87 | % | 5 years | ||||||||||||||
OMFIT 2019-1 | 632 | 654 | 600 | 654 | 3.79 | % | 2 years | ||||||||||||||
ODART 2017-1 | 300 | 300 | 71 | 93 | 3.85 | % | 1 year | ||||||||||||||
ODART 2017-2 | 605 | 624 | 376 | 417 | 2.80 | % | 1 year | ||||||||||||||
ODART 2018-1 | 947 | 964 | 900 | 964 | 3.56 | % | 2 years | ||||||||||||||
ODART 2019-1 | 737 | 750 | 700 | 750 | 3.79 | % | 5 years | ||||||||||||||
Total securitizations | $ | 9,928 | $ | 10,591 | $ | 7,083 | $ | 8,072 | |||||||||||||
(a) | Issue Amount includes the retained interest amounts as applicable and the Current Note Amounts Outstanding balances reflect pay-downs subsequent to note issuance and exclude retained interest amounts. |
(b) | Inclusive of in-process replenishments of collateral for securitized borrowings, in a revolving status. |
(dollar in millions) | Advance Maximum Balance | Amount Drawn | Revolving Period End | Due and Payable | ||||||||
Rocky River Funding, LLC | $ | 400 | $ | — | April 2022 | May 2023 | ||||||
Thur River Funding, LLC | 350 | — | June 2020 | February 2027 | ||||||||
OneMain Financial Funding IX, LLC | 650 | — | June 2022 | July 2023 | ||||||||
Mystic River Funding, LLC | 850 | — | September 2020 | October 2023 | ||||||||
Fourth Avenue Auto Funding, LLC * | 200 | — | June 2022 | July 2023 | ||||||||
OneMain Financial Funding VIII, LLC | 650 | — | August 2021 | September 2023 | ||||||||
OneMain Financial Auto Funding I, LLC | 850 | — | June 2021 | July 2028 | ||||||||
OneMain Financial Funding VII, LLC | 850 | — | June 2021 | July 2023 | ||||||||
Thayer Brook Funding, LLC | 250 | — | July 2021 | August 2022 | ||||||||
Hubbard River Funding, LLC | 250 | — | September 2021 | October 2023 | ||||||||
Seine River Funding, LLC | 650 | — | October 2021 | November 2024 | ||||||||
New River Funding LLC | 250 | — | March 2022 | April 2027 | ||||||||
Hudson River Funding LLC | 500 | — | June 2022 | July 2025 | ||||||||
Total | $ | 6,700 | $ | — | ||||||||
* | On June 28, 2019, we entered into an agreement to amend the loan and security agreement with Fourth Avenue Auto Funding, LLC to, among other things, extend the revolving period ending September 2020 to June 2022 thereby extending the final maturity to July 2023. |
Off-Balance Sheet Arrangements |
Critical Accounting Policies and Estimates |
• | allowance for finance receivable losses; |
• | TDR finance receivables; |
• | fair value measurements; and |
• | goodwill and other intangible assets. |
Recent Accounting Pronouncements |
Seasonality |
Item 3. Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. Controls and Procedures. |
Item 1. Legal Proceedings. |
Item 1A. Risk Factors. |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities. |
Item 4. Mine Safety Disclosures. |
Item 5. Other Information. |
Item 6. Exhibit Index. |
Exhibit Number | Description | |
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income (Loss), (iv) Condensed Consolidated Statements of Shareholder’s Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements. | |
Signature |
ONEMAIN HOLDINGS, INC. | ||||
(Registrant) | ||||
Date: | August 2, 2019 | By: | /s/ Micah R. Conrad | |
Micah R. Conrad | ||||
Executive Vice President and Chief Financial Officer | ||||
(Duly Authorized Officer and Principal Financial Officer) | ||||
Exhibit 31.1 |
1. | I have reviewed this Quarterly Report on Form 10-Q of OneMain Holdings, Inc. (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 2, 2019 | ||
/s/ Douglas H. Shulman | |||
Douglas H. Shulman | |||
President and Chief Executive Officer | |||
Exhibit 31.2 |
1. | I have reviewed this Quarterly Report on Form 10-Q of OneMain Holdings, Inc. (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 2, 2019 | ||
/s/ Micah R. Conrad | |||
Micah R. Conrad | |||
Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | |||
Exhibit 32.1 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Douglas H. Shulman | |||
Douglas H. Shulman | |||
President and Chief Executive Officer | |||
/s/ Micah R. Conrad | |||
Micah R. Conrad | |||
Executive Vice President and Chief Financial Officer | |||
Date: | August 2, 2019 | ||
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Net finance receivables | $ 16,980 | $ 16,164 |
| Allowance for finance receivable losses | 744 | 731 |
| Restricted cash and restricted cash equivalents | 420 | 499 |
| Long-term debt | 15,551 | 15,178 |
| Other liabilities | $ 643 | $ 383 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
| Common stock, shares issued (in shares) | 136,089,417 | 135,832,278 |
| Common stock, shares outstanding (in shares) | 136,089,417 | 135,832,278 |
| Consolidated VIEs | ||
| Allowance for finance receivable losses | $ 369 | $ 444 |
| Restricted cash and restricted cash equivalents | 409 | 479 |
| Long-term debt | 7,100 | 7,500 |
| Other liabilities | 13 | 14 |
| Finance receivables - Personal loans | ||
| Allowance for finance receivable losses | 744 | 731 |
| Finance receivables - Personal loans | Consolidated VIEs | ||
| Net finance receivables | $ 8,000 | $ 8,500 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 194 | $ 7 | $ 346 | $ 131 |
| Other comprehensive income (loss): | ||||
| Net change in unrealized gains (losses) on non-credit impaired available-for-sale securities | 36 | (13) | 75 | (37) |
| Foreign currency translation adjustments | 2 | (2) | 5 | (5) |
| Income tax effect: | ||||
| Net unrealized gains (losses) on non-credit impaired available-for-sale securities | (8) | 3 | (17) | 7 |
| Retirement plan liability adjustments | 0 | 2 | 0 | 2 |
| Foreign currency translation adjustments | 0 | (1) | (1) | (1) |
| Other comprehensive income (loss), net of tax | 30 | (11) | 62 | (34) |
| Comprehensive income (loss) | $ 224 | $ (4) | $ 408 | $ 97 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Statement of Cash Flows [Abstract] | ||
| Net income | $ 346 | $ 131 |
| Reconciling adjustments: | ||
| Provision for finance receivable losses | 554 | 514 |
| Depreciation and amortization | 138 | 131 |
| Deferred income tax charge | 21 | 7 |
| Net loss on repurchases and repayments of debt | 33 | 8 |
| Non-cash incentive compensation from SFH | 0 | 110 |
| Share-based compensation expense, net of forfeitures | 7 | 13 |
| Other | (10) | 8 |
| Cash flows due to changes in other assets and other liabilities | 56 | 22 |
| Net cash provided by operating activities | 1,145 | 944 |
| Cash flows from investing activities | ||
| Net principal originations of finance receivables held for investment and held for sale | (1,400) | (1,116) |
| Proceeds on sales of finance receivables held for sale originated as held for investment | 19 | 0 |
| Available-for-sale securities purchased | (317) | (394) |
| Available-for-sale securities called, sold, and matured | 336 | 280 |
| Other securities purchased | (5) | (6) |
| Other securities called, sold, and matured | 15 | 20 |
| Other, net | 5 | (24) |
| Net cash used for investing activities | (1,347) | (1,240) |
| Cash flows from financing activities | ||
| Proceeds from issuance of long-term debt, net of commissions | 3,159 | 3,739 |
| Repayment of long-term debt | (2,856) | (3,776) |
| Dividends | (68) | 0 |
| Withholding tax on share-based compensation | (5) | (9) |
| Net cash provided by (used for) financing activities | 230 | (46) |
| Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | 28 | (342) |
| Cash and cash equivalents and restricted cash and restricted cash equivalents at beginning of period | 1,178 | 1,485 |
| Cash and cash equivalents and restricted cash and restricted cash equivalents at end of period | 1,206 | 1,143 |
| Supplemental cash flow information | ||
| Total cash and cash equivalents and restricted cash and restricted cash equivalents | 1,178 | 1,485 |
| Cash paid for amounts included in the measurement of operating lease liabilities | 29 | 0 |
| Supplemental non-cash activities | ||
| Transfer of finance receivables to real estate owned | 2 | 3 |
| Right-of-use assets obtained in exchange for operating lease obligations | 177 | |
| Net unsettled investment security purchases | $ (20) | $ (1) |
Business and Basis of Presentation |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2019 | ||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
| Business and Basis of Presentation |
OneMain Holdings, Inc. is referred to in this report as “OMH” or, collectively with its subsidiaries, whether directly or indirectly owned, the “Company,” “we,” “us,” or “our.” OMH is a Delaware corporation. OMH is a financial services holding company whose principal subsidiary is Springleaf Finance, Inc. (“SFI”). SFI’s principal subsidiary is Springleaf Finance Corporation (“SFC”) whose principal subsidiary is Independence Holdings, LLC (“Independence”). Independence, through its wholly owned subsidiary OneMain Financial Holdings, LLC (“OMFH”) and OMFH’s subsidiaries, and SFC engage in the consumer finance and insurance businesses. At June 30, 2019, the Apollo-Värde Group owned approximately 40.4% of OMH’s common stock. 2018 Share Sale Transactions As disclosed in Note 21 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K, certain executives of the Company had previously been granted incentive units that only provided benefits (in the form of distributions) if SFH made distributions to one or more of its common members that exceeded specified threshold amounts. In connection with the distributions by SFH to Fortress (the “Fortress Transaction”) resulting from the Apollo-Värde Transaction described in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K, certain executive officers who were holders of SFH incentive units received a distribution of approximately $106 million in the aggregate from SFH. Although the distribution was not made by the Company or its subsidiaries, in accordance with ASC Topic 710, Compensation-General, we recorded non-cash incentive compensation expense of approximately $106 million, with an equal and offsetting increase to additional paid-in-capital. The impact to the Company was non-cash, equity neutral and not tax deductible. In addition, in connection with the distributions by SFH to AIG resulting from the AIG Transaction described in Note 2 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K, these same executive officers holding the incentive units described above, received a distribution of approximately $4 million in the aggregate from SFH in respect of their incentive interests in SFH. Consistent with the Fortress Transaction, we recorded non-cash incentive compensation expense of approximately $4 million, with an equal and offsetting increase to additional paid-in-capital. Again, the impact to the Company was non-cash, equity neutral, and not tax deductible. BASIS OF PRESENTATION We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its subsidiaries (all of which are wholly owned), and VIEs in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date. We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date. To conform to the 2019 presentation, we have reclassified certain items in prior periods of our condensed consolidated financial statements. The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Annual Report on Form 10-K. We follow the same significant accounting policies for our interim reporting, except for the new accounting pronouncements subsequently adopted and disclosed in Note 2 below.
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Recent Accounting Pronouncements |
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Jun. 30, 2019 | ||||
| Accounting Changes and Error Corrections [Abstract] | ||||
| Recent Accounting Pronouncements |
ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED Leases In February of 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize a right-of-use asset and a liability for the obligation to make payments on leases with terms greater than 12 months and to disclose information related to the amount, timing and uncertainty of cash flows arising from leases, including various qualitative and quantitative requirements. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-02. We adopted the amendments of these ASUs as of January 1, 2019. See Note 13 for additional information on the adoption of ASU 2016-02. ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED Financial Instruments - Credit Losses In June of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, which significantly changes the way that entities will be required to measure credit losses. The new standard requires that the estimated credit loss be based upon an “expected credit loss” approach rather than the “incurred loss” approach currently required. The new approach will require entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable forecasts of collectability. It is anticipated that the expected credit loss model will require earlier recognition of credit losses than the incurred loss approach. We would expect ongoing changes in the allowance for finance receivable losses will be driven primarily by the nature and growth of the Company’s loan portfolio and the economic environment at that time. The ASU also modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring companies to record an allowance for credit impairment rather than write-downs of such assets. In addition, the ASU requires qualitative and quantitative disclosures that provide information about the allowance and the significant factors that influenced management’s estimate of the allowance. The ASU will become effective for the Company for fiscal years beginning January 1, 2020. Early adoption is permitted for fiscal years beginning January 1, 2019. The Company’s cross-functional implementation team continues to make progress in line with the established project plan to ensure we comply with all updates from this ASU at the time of adoption. The Company has performed limited parallel testing and expects to perform more comprehensive testing in the third quarter of 2019. We continue to refine our model to estimate the expected credit losses as well as develop the necessary changes to our processes and internal controls in order to comply with this ASU. As we finalize the impact on our consolidated financial statements and related disclosures, we will provide further disclosure regarding the estimated impact on our allowance for finance receivable losses. The Company’s implementation team has also been working with our investment advisor to develop a new process to comply with this ASU as it relates to available-for-sale debt securities and the related disclosure requirements. We believe the adoption of this ASU will have a material effect on our consolidated financial statements through an increase to the allowance for finance receivable losses, an increase to deferred tax assets, and a corresponding one-time cumulative reduction to retained earnings, net of tax, in the consolidated balance sheet as of the beginning of the year of adoption. The actual impact will depend on the characteristics of our finance receivables, current economic conditions, as well as our economic and loss forecasts at the time of adoption. Insurance In August of 2018, the FASB issued ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, which provides targeted improvements to Topic 944 for the assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment contracts; measurement of market risk benefits; amortization of deferred acquisition costs; and enhanced disclosures. The amendments in this ASU become effective for fiscal years beginning January 1, 2021. In July of 2019, the FASB announced the proposal of a one-year deferral of this ASU to become effective for fiscal years beginning January 1, 2022. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We continue to make progress in evaluating the potential impact of the adoption of the ASU on our consolidated financial statements. We do not believe that any other accounting pronouncements issued during the six months ended June 30, 2019, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
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Finance Receivables |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance Receivables |
Our finance receivables consist of personal loans, which are non-revolving, with a fixed-rate, a fixed term of three to six years, and are secured by automobiles, other titled collateral, or are unsecured. Prior to September 30, 2018, our finance receivables also included other receivables, which consist of our liquidating loan portfolios: real estate loans, retail sales finance contracts, and revolving retail accounts. We continue to service or sub-service liquidating real estate loans and retail sales finance contracts. Effective September 30, 2018, our real estate loans were transferred from held for investment to held for sale. See Notes 5, 6 and 7 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for more information about Other Receivables. Net finance receivables consist of our total portfolio of personal loans. Components of our personal loans were as follows:
At June 30, 2019 and December 31, 2018, unused lines of credit extended to customers by the Company were immaterial. CREDIT QUALITY INDICATOR We consider the value of the collateral, the concentration of secured loans, and the delinquency status of our finance receivables as our primary credit quality indicators. At June 30, 2019 and December 31, 2018, 50% and 48% of our personal loans were secured by titled collateral, respectively. We monitor delinquency trends to manage our exposure to credit risk. When finance receivables are 60 days contractually past due, we consider these accounts to be at an increased risk for loss and we transfer collection of these accounts to our centralized operations. At 90 days or more contractually past due, we consider our finance receivables to be nonperforming. The following is a summary of our personal loans held for investment by number of days delinquent:
PURCHASED CREDIT IMPAIRED FINANCE RECEIVABLES Our purchased credit impaired finance receivables consist of personal loans held for investment and real estate loans held for sale purchased in connection with the OneMain Acquisition and the Fortress Acquisition, respectively. We report the carrying amount of our purchased credit impaired personal loans in net finance receivables, less allowance for finance receivable losses, and our purchased credit impaired real estate loans in finance receivables held for sale as discussed below. At June 30, 2019 and December 31, 2018, finance receivables held for sale totaled $74 million and $103 million, respectively, which include purchased credit impaired real estate loans, as well as TDR real estate loans. See Note 5 for further information on our finance receivables held for sale. Information regarding our purchased credit impaired finance receivables were as follows:
Changes in accretable yield for purchased credit impaired finance receivables were as follows:
TDR FINANCE RECEIVABLES Information regarding TDR finance receivables were as follows:
As of June 30, 2019, we had no commitments to lend additional funds on our TDR finance receivables. TDR average net receivables held for investment and held for sale and finance charges recognized on TDR finance receivables held for investment and held for sale were as follows:
* Other Receivables held for sale included in the table above consist of real estate loans and were as follows:
Information regarding the new volume of the TDR finance receivables held for investment, consisting of personal loans, are reflected in the following table.
borrower under the modified terms. New volume of TDR other receivables for the three and six months ended June 30, 2019 and 2018 are not included in the table above as they were immaterial. Personal loans held for investment that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table.
TDR other receivables for the three and six months ended June 30, 2019 and 2018 that defaulted during the previous 12-month period were immaterial.
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Allowance for Finance Receivable Losses |
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Finance Receivable Losses |
Changes in the allowance for finance receivable losses by finance receivable type were as follows:
The allowance for finance receivable losses and net finance receivables by impairment method were as follows:
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Finance Receivables Held for Sale |
6 Months Ended | |||
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Jun. 30, 2019 | ||||
| Receivables [Abstract] | ||||
| Finance Receivables Held for Sale |
We reported finance receivables held for sale of $74 million at June 30, 2019 and $103 million at December 31, 2018, which consist entirely of real estate loans and are carried at the lower of cost or fair value, applied on an aggregate basis. In February 2019, we sold a portfolio of real estate loans with a carrying value of $16 million for aggregate cash proceeds of $19 million and recorded a net gain in other revenues of $3 million (“February 2019 Real Estate Loan Sale”). After the recognition of the February 2019 Real Estate Loan Sale, the carrying value of the remaining loans classified in finance receivables held for sale exceeded their fair value and, accordingly, we marked the remaining loans to fair value and recorded an impairment in other revenue of $3 million. |
Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities |
AVAILABLE-FOR-SALE SECURITIES Cost/amortized cost, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position were as follows:
On a lot basis, we had 469 and 1,767 investment securities in an unrealized loss position at June 30, 2019 and December 31, 2018, respectively. We do not consider the unrealized losses to be credit-related as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, at June 30, 2019, other-than-temporary impairments on investment securities that we intend to sell were immaterial. We do not have plans to sell any of the remaining investment securities with unrealized losses as of June 30, 2019, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost. We continue to monitor unrealized loss positions for potential impairments. During the three and six months ended June 30, 2019, other-than-temporary impairment credit losses, primarily on corporate debt, in investment revenues were immaterial. During the three months ended June 30, 2018, we did not recognize any other-than-temporary impairment credit losses and during the six months ended June 30, 2018, other-than-temporary impairment credit losses were immaterial. There were no material additions or reductions in the cumulative amount of credit losses (recognized in earnings) on other-than-temporarily impaired available-for-sale securities during the three and six months ended June 30, 2019 and 2018. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2019 totaled $180 million and $209 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2018 totaled $69 million and $140 million, respectively. The realized gains and losses were immaterial during the three and six months ended June 30, 2019 and 2018. Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2019 were as follows:
Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies. The fair value of securities on deposit with third parties totaled $525 million and $515 million at June 30, 2019 and December 31, 2018, respectively. OTHER SECURITIES The fair value of other securities by type was as follows:
The unrealized gains and losses on other securities were immaterial for the three months ended June 30, 2019 and 2018. We recognized $5 million in unrealized gains and $3 million in unrealized losses on other securities for the six months ended June 30, 2019 and 2018, respectively. We report these unrealized gains and losses in investment revenues. Net realized gains and losses on other securities sold or redeemed were immaterial for the three and six months ended June 30, 2019 and 2018. We report these gains and losses in investment revenues. |
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Long-term Debt |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt |
Principal maturities of long-term debt (excluding projected repayments on securitizations and revolving conduit facilities by period) by type of debt at June 30, 2019 were as follows:
SFC’S 6.625% SENIOR NOTES DUE 2028 OFFERING On May 9, 2019, SFC issued a total of $800 million aggregate principal amount of 6.625% Senior Notes due 2028 (the “6.625% SFC Notes due 2028”) under the SFC Senior Notes Indentures, as supplemented by the SFC Eighth Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. SFC’S 6.125% SENIOR NOTES DUE 2024 OFFERINGS On February 22, 2019, SFC issued a total of $1.0 billion aggregate principal amount of 6.125% Senior Notes due 2024 (the “6.125% SFC Notes due 2024”) under the SFC Senior Notes Indentures, as supplemented by the SFC Seventh Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. Subsequent to June 30, 2019, SFC issued on July 2, 2019 an additional $300 million aggregate principal amount of the 6.125% SFC Notes due 2024 under the terms of the SFC Senior Notes Indentures, as supplemented by the SFC Seventh Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. See Note 16 Subsequent Events for further information. REDEMPTION OF 5.25% SENIOR NOTES DUE 2019 As a result of the February 2019 offering of the 6.125% SFC Notes due 2024 as described above, SFC issued a notice of redemption to redeem all of the outstanding principal amount of its 5.25% Senior Notes due 2019. On March 25, 2019, SFC paid an aggregate amount of $706 million, inclusive of accrued interest and premiums, to complete the redemption. We recognized approximately $21 million of net loss on the repurchases and repayments of debt for the six months ended June 30, 2019. REDEMPTION OF 6.00% SENIOR NOTES DUE 2020 On March 15, 2019, SFC issued a notice of redemption of its 6.00% Senior Notes due 2020. On April 15, 2019, SFC paid an aggregate amount of $317 million, inclusive of accrued interest and premiums, to complete the redemption. In connection with the redemption we recognized approximately $11 million of net loss on repurchases and repayments of debt for the three and six months ended June 30, 2019.
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Variable Interest Entities |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities |
CONSOLIDATED VIES We have transferred finance receivables to VIEs for asset-backed financing transactions and include the assets and liabilities in our consolidated financial statements because we are the primary beneficiary of each VIE. We account for these asset-backed debt obligations as secured borrowings. See Note 3 and Note 13 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for more detail regarding VIEs. We parenthetically disclose on our consolidated balance sheets the VIE’s assets that can only be used to settle the VIE’s obligations and liabilities if its creditors have no recourse against the primary beneficiary’s general credit. The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts and revolving conduit facilities were as follows:
Other than the retained subordinate and residual interests in our consolidated VIEs, we are under no further obligation than is otherwise noted herein, either contractually or implicitly, to provide financial support to these entities. Consolidated interest expense related to our VIEs totaled $82 million and $164 million for the three and six months ended June 30, 2019, compared to $87 million and $173 million for the three and six months ended June 30, 2018. SECURITIZED BORROWINGS Each of our securitizations contains a revolving period ranging from one to five years during which no principal payments are required to be made on the related asset-backed notes. The indentures governing our securitization borrowings contain early amortization events and events of default, that, if triggered, may result in the acceleration of the obligation to pay principal and interest on the related asset-backed notes. Our total securitized borrowings at June 30, 2019 were $7.1 billion. REVOLVING CONDUIT FACILITIES We had access to 13 conduit facilities with a total borrowing capacity of $6.7 billion as of June 30, 2019. Our conduit facilities’ revolving period end ranges from one to three years. Principal balances of outstanding loans, if any, are due and payable in full ranging from three to nine years as of June 30, 2019. Amounts drawn on these facilities are collateralized by our personal loans. At June 30, 2019, no amounts were drawn under these facilities.
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Insurance |
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| Insurance [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance |
Changes in the reserve for unpaid claims and loss adjustment expenses (not considering reinsurance recoverable):
* Reflects (i) a redundancy in the prior years’ net reserves of $15 million at June 30, 2019 primarily due to a favorable development of credit life, disability, and unemployment claims during the year and (ii) a redundancy in the prior years’ net reserves of $5 million at June 30, 2018, primarily due to a favorable development of credit disability and unemployment claims during the year.
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
The computation of earnings per share was as follows:
* We have excluded the following shares in the diluted earnings per share calculation for three and six months ended June 30, 2019 and 2018 because these shares would be anti-dilutive, which could impact the earnings per share calculation in the future:
Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed based on the weighted-average number of shares outstanding plus the effect of potentially dilutive shares outstanding during the period using the treasury stock method. The potentially dilutive shares represent outstanding unvested RSUs and RSAs.
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Accumulated Other Comprehensive Income (Loss) |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) |
Changes, net of tax, in accumulated other comprehensive income (loss) were as follows:
Reclassification adjustments from accumulated other comprehensive income (loss) to the applicable line item on our condensed consolidated statements of operations were immaterial for the three and six months ended June 30, 2019 and 2018.
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Income Taxes |
6 Months Ended | |||
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Jun. 30, 2019 | ||||
| Income Tax Disclosure [Abstract] | ||||
| Income Taxes |
We had a net deferred tax asset of $89 million and $129 million at June 30, 2019 and December 31, 2018, respectively. The decrease in our net deferred tax asset of $40 million was primarily driven by the change in mark-to-market valuation of our receivables and amortization of tax goodwill. The effective tax rate for the six months ended June 30, 2019 was 24.5%, compared to 38.0% for the same period in 2018. The effective tax rate for the six months ended June 30, 2019 differed from the federal statutory rate of 21% primarily due to the effect of state income taxes. The effective tax rate for the six months ended June 30, 2018 differed from the federal statutory rate of 21% primarily due to the effect of discrete tax expense for non-deductible compensation and state income taxes. We are currently under examination of our U.S. federal tax returns for the years 2014 to 2016 by the IRS. We are also under examination by various states for the years 2011 to 2017. Management believes it has adequately provided for taxes for such years. Our gross unrecognized tax benefits, including related interest and penalties, totaled $13 million at June 30, 2019 and $17 million at December 31, 2018. We accrue interest related to uncertain tax positions in income tax expense. The amount of any change in the balance of uncertain tax liabilities over the next 12 months is not expected to be material to our consolidated financial statements.
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Leases and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases and Contingencies |
LEASES Our leases primarily consist of leased office space, automobiles, and information technology equipment. As described in Note 2, we have adopted ASU 2016-02, Leases, as of January 1, 2019, using the optional transition approach. As a result of this election, the prior periods presented have not been adjusted. Additionally, we have elected the practical expedient to treat both the lease component and non-lease component for our leased office space portfolio as a single lease component. All our leases are classified as operating leases. At inception of an arrangement we determine if a lease exists. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. At lease commencement date, we recognize right-of-use assets and lease liabilities measured at the present value of lease payments over the lease term. Since our operating leases do not provide an implicit rate, we utilize the best available information to determine our incremental borrowing rate, which is used to calculate the present value of lease payments. The right-of-use asset also includes any prepaid fixed lease payments and excludes lease incentives. Options to extend or terminate a lease may be included in our lease arrangements. We reflect the renewal or termination option in the right-of-use asset and lease liability when it is reasonably certain that we will exercise those options. Operating lease costs for lease payments are recognized on a straight-line basis over the lease term and are included in “Other operating expenses” in our condensed consolidated statement of operations. The operating lease right-of-use assets are included in “Other assets” and the operating lease liabilities are included in “Other liabilities” in our condensed consolidated balance sheet. Our operating leases have remaining lease terms of one year to ten years. In the normal course of business, we will renew leases that expire or replace them with leases on other properties. In addition to rent, we pay taxes, insurance, and maintenance expenses under certain leases as variable lease payments. As of June 30, 2019, our operating right-of-use asset balance was $165 million, and our operating lease liability balance was $178 million. Our operating lease costs totaled $15 million and $32 million for three and six months ended June 30, 2019, respectively. Our variable lease costs totaled $4 million and $8 million for three and six months ended June 30, 2019, respectively. Our sublease income was immaterial for three and six months ended June 30, 2019. As of June 30, 2019, maturities of lease liabilities, excluding leases on a month-to-month basis, were as follows:
As of December 31, 2018, under ASC 840, Leases, annual rental commitments for leased office space, automobiles and information technology equipment accounted for as operating leases, excluding leases on a month-to-month basis, were as follows:
Rental expense totaled $74 million in 2018. LEGAL CONTINGENCIES In the normal course of business, we have been named, from time to time, as defendants in various legal actions, including arbitrations, class actions and other litigation arising in connection with our activities. Some of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. While we will continue to evaluate legal actions to determine whether a loss is reasonably possible or probable and is reasonably estimable, there can be no assurance that material losses will not be incurred from pending, threatened or future litigation, investigations, examinations, or other claims. We contest liability and/or the amount of damages, as appropriate, in each pending matter. Where available information indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and we can reasonably estimate the amount of that loss, we accrue the estimated loss by a charge to income. In many actions, however, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to estimate the amount of any loss. In addition, even where loss is reasonably possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is not always possible to reasonably estimate the size of the possible loss or range of loss. For certain legal actions, we cannot reasonably estimate such losses, particularly for actions that are in their early stages of development or where plaintiffs seek substantial or indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the actions in question, before a loss or additional loss or range of loss or additional loss can be reasonably estimated for any given action. For certain other legal actions, we can estimate reasonably possible losses, additional losses, ranges of loss or ranges of additional loss in excess of amounts accrued, but do not believe, based on current knowledge and after consultation with counsel, that such losses will have a material adverse effect on our consolidated financial statements as a whole. Federal Securities Class Action On February 10, 2017, a putative class action lawsuit, Galestan v. OneMain Holdings, Inc., et al., was filed in the U.S. District Court for the Southern District of New York, naming as defendants the Company and two of its officers. The lawsuit alleges violations of the Exchange Act for allegedly making materially misleading statements and/or omitting material information concerning alleged integration issues after the OneMain Acquisition in November 2015, and was filed on behalf of a putative class of persons who purchased or otherwise acquired the Company’s common stock between February 25, 2016 and November 7, 2016. The complaint seeks an award of unspecified compensatory damages, an award of interest, reasonable attorney’s fees, expert fees and other costs, and equitable relief as the court may deem just and proper. On April 23, 2019, the parties executed a settlement agreement, which is subject to Court approval. On May 1, 2019, the Court entered an order preliminarily approving the settlement and scheduling a final approval hearing on August 9, 2019. The settlement agreement provides for the dismissal of the action with prejudice. The settlement contains no admission of liability by the Company and the other defendants.
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
At June 30, 2019, our two reportable segments were Consumer and Insurance and Acquisitions and Servicing. The remaining components (which we refer to as “Other”) consist of our non-originating legacy operations, which include our liquidating real estate loans and our liquidating retail sales finance portfolios. Our segment accounting policies are the same as those disclosed in Note 3 and Note 22 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K. We report the operating results of our segments and Other using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, and (ii) excludes the impact of applying purchase accounting. The following tables present information about our segments, as well as reconciliations to the consolidated financial statement amounts.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
The accounting policies of our Fair Value Measurements are the same as those disclosed in Note 3 and Note 23 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K. The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
FAIR VALUE MEASUREMENTS — RECURRING BASIS The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
Due to the insignificant activity within the Level 3 assets during the three and six months ended June 30, 2019 and 2018, we have omitted the additional disclosures relating to the changes in Level 3 assets measured at fair value on a recurring basis and the quantitative information about Level 3 unobservable inputs in the tables above. FAIR VALUE MEASUREMENTS — NON-RECURRING BASIS We measure the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Net impairment charges recorded on assets measured at fair value on a non-recurring basis were immaterial for the three and six months ended June 30, 2019 and 2018. FAIR VALUE MEASUREMENTS — VALUATION METHODOLOGIES AND ASSUMPTIONS See Note 23 of the Notes to the Consolidated Financial Statements in Part II - Item 8 included in our 2018 Annual Report on Form 10-K for information regarding our methods and assumptions used to estimate fair value.
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Subsequent Events |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2019 | ||||
| Subsequent Events [Abstract] | ||||
| Subsequent Events |
Additional Offering of SFC’s 6.125% Senior Notes Due 2024 On July 2, 2019, SFC issued an additional $300 million aggregate principal amount of 6.125% SFC Notes due 2024 under the terms of the SFC Senior Notes Indentures, as supplemented by the SFC Seventh Supplemental Indenture, pursuant to which OMH provided a guarantee on an unsecured basis. Special Dividend to our Common Stockholders On July 29, 2019, the Company declared a dividend of $2.25 per share, consisting of the regular quarterly dividend of $0.25 per share and a special dividend of $2.00 per share, payable on September 13, 2019 to record holders of our common stock as of the close of business on August 27, 2019. OMFIT 2019-A Securitization |
Business and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| BASIS OF PRESENTATION | BASIS OF PRESENTATION We prepared our condensed consolidated financial statements using generally accepted accounting principles in the United States of America (“GAAP”). These statements are unaudited. The year-end condensed balance sheet data was derived from our audited financial statements but does not include all disclosures required by GAAP. The statements include the accounts of OMH, its subsidiaries (all of which are wholly owned), and VIEs in which we hold a controlling financial interest and for which we are considered to be the primary beneficiary as of the financial statement date. We eliminated all material intercompany accounts and transactions. We made judgments, estimates, and assumptions that affect amounts reported in our condensed consolidated financial statements and disclosures of contingent assets and liabilities. In management’s opinion, the condensed consolidated financial statements include the normal, recurring adjustments necessary for a fair statement of results. Actual results could differ from our estimates. We evaluated the effects of and the need to disclose events that occurred subsequent to the balance sheet date. To conform to the 2019 presentation, we have reclassified certain items in prior periods of our condensed consolidated financial statements. The condensed consolidated financial statements in this report should be read in conjunction with the consolidated financial statements and related notes included in our 2018 Annual Report on Form 10-K. We follow the same significant accounting policies for our interim reporting, except for the new accounting pronouncements subsequently adopted and disclosed in Note 2 below.
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| ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED AND ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED | ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED Leases In February of 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to recognize a right-of-use asset and a liability for the obligation to make payments on leases with terms greater than 12 months and to disclose information related to the amount, timing and uncertainty of cash flows arising from leases, including various qualitative and quantitative requirements. Management has reviewed this update and other ASUs that were subsequently issued to further clarify the implementation guidance outlined in ASU 2016-02. We adopted the amendments of these ASUs as of January 1, 2019. See Note 13 for additional information on the adoption of ASU 2016-02. ACCOUNTING PRONOUNCEMENTS TO BE ADOPTED Financial Instruments - Credit Losses In June of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments, which significantly changes the way that entities will be required to measure credit losses. The new standard requires that the estimated credit loss be based upon an “expected credit loss” approach rather than the “incurred loss” approach currently required. The new approach will require entities to measure all expected credit losses for financial assets over their expected lives based on historical experience, current conditions, and reasonable forecasts of collectability. It is anticipated that the expected credit loss model will require earlier recognition of credit losses than the incurred loss approach. We would expect ongoing changes in the allowance for finance receivable losses will be driven primarily by the nature and growth of the Company’s loan portfolio and the economic environment at that time. The ASU also modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring companies to record an allowance for credit impairment rather than write-downs of such assets. In addition, the ASU requires qualitative and quantitative disclosures that provide information about the allowance and the significant factors that influenced management’s estimate of the allowance. The ASU will become effective for the Company for fiscal years beginning January 1, 2020. Early adoption is permitted for fiscal years beginning January 1, 2019. The Company’s cross-functional implementation team continues to make progress in line with the established project plan to ensure we comply with all updates from this ASU at the time of adoption. The Company has performed limited parallel testing and expects to perform more comprehensive testing in the third quarter of 2019. We continue to refine our model to estimate the expected credit losses as well as develop the necessary changes to our processes and internal controls in order to comply with this ASU. As we finalize the impact on our consolidated financial statements and related disclosures, we will provide further disclosure regarding the estimated impact on our allowance for finance receivable losses. The Company’s implementation team has also been working with our investment advisor to develop a new process to comply with this ASU as it relates to available-for-sale debt securities and the related disclosure requirements. We believe the adoption of this ASU will have a material effect on our consolidated financial statements through an increase to the allowance for finance receivable losses, an increase to deferred tax assets, and a corresponding one-time cumulative reduction to retained earnings, net of tax, in the consolidated balance sheet as of the beginning of the year of adoption. The actual impact will depend on the characteristics of our finance receivables, current economic conditions, as well as our economic and loss forecasts at the time of adoption. Insurance In August of 2018, the FASB issued ASU 2018-12, Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts, which provides targeted improvements to Topic 944 for the assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment contracts; measurement of market risk benefits; amortization of deferred acquisition costs; and enhanced disclosures. The amendments in this ASU become effective for fiscal years beginning January 1, 2021. In July of 2019, the FASB announced the proposal of a one-year deferral of this ASU to become effective for fiscal years beginning January 1, 2022. We have a cross-functional implementation team and a project plan to ensure we comply with all the amendments in this ASU at the time of adoption. We continue to make progress in evaluating the potential impact of the adoption of the ASU on our consolidated financial statements. We do not believe that any other accounting pronouncements issued during the six months ended June 30, 2019, but not yet effective, would have a material impact on our consolidated financial statements or disclosures, if adopted.
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Finance Receivables (Tables) |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of net finance receivables by type | Components of our personal loans were as follows:
• Purchased credit impaired finance receivables — gross receivables equal the remaining estimated cash flows less the current balance of accretable yield on the purchased credit impaired accounts.
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| Summary of net finance receivables by type and by days delinquent | The following is a summary of our personal loans held for investment by number of days delinquent:
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| Schedule of purchased credit impaired finance receivables held for investment | Information regarding our purchased credit impaired finance receivables were as follows:
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| Changes in accretable yield for purchased credit impaired finance receivables held for investment and held for sale | Changes in accretable yield for purchased credit impaired finance receivables were as follows:
* Reclassifications from nonaccretable difference represents the increases in accretable yield resulting from higher estimated undiscounted cash flows.
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| Schedule of information regarding TDR finance receivables | Information regarding TDR finance receivables were as follows:
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| TDR average net receivables held for investment and held for sale and finance charges recognized on TDR finance receivables held for investment and held for sale | TDR average net receivables held for investment and held for sale and finance charges recognized on TDR finance receivables held for investment and held for sale were as follows:
* Other Receivables held for sale included in the table above consist of real estate loans and were as follows:
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| TDR average net receivables held for sale and finance charges recognized on TDR finance receivables held for sale | Other Receivables held for sale included in the table above consist of real estate loans and were as follows:
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| Schedule of new volume of the TDR finance receivables held for investment and held for sale | Information regarding the new volume of the TDR finance receivables held for investment, consisting of personal loans, are reflected in the following table.
borrower under the modified terms. |
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| Net finance receivables that were modified as TDR finance receivables defaulted within the previous 12 months nonperforming | Personal loans held for investment that were modified as TDR finance receivables within the previous 12 months and for which there was a default during the period to cause the TDR finance receivables to be considered nonperforming (90 days or more past due) are reflected in the following table.
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Allowance for Finance Receivable Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the allowance for finance receivable losses by finance receivable type | Changes in the allowance for finance receivable losses by finance receivable type were as follows:
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| Schedule of allowance for finance receivable losses and net finance receivables by type and by impairment method | ceivable losses by finance receivable type were as follows:
The allowance for finance receivable losses and net finance receivables by impairment method were as follows:
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Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the cost/amortized cost, unrealized gains and losses, and fair value of available-for-sale securities by type | Cost/amortized cost, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:
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| Schedule of fair value and unrealized losses on investment securities by type and length of time in a continuous unrealized loss position | Fair value and unrealized losses on available-for-sale securities by type and length of time in a continuous unrealized loss position were as follows:
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| Schedule of contractual maturities of fixed-maturity available-for-sale securities | Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2019 were as follows:
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| Schedule of fair value of other securities by type | The fair value of other securities by type was as follows:
(a) The Company employs an income equity strategy targeting investments in stocks with strong current dividend yields. Stocks included have a history of stable or increasing dividend payments.
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Long-term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of principal maturities of long-term debt | Principal maturities of long-term debt (excluding projected repayments on securitizations and revolving conduit facilities by period) by type of debt at June 30, 2019 were as follows:
(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, which totaled $29 million at June 30, 2019 and are reported in “Other assets”.
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Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying amounts of consolidated VIE assets and liabilities | The carrying amounts of consolidated VIE assets and liabilities associated with our securitization trusts and revolving conduit facilities were as follows:
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Insurance (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in the reserve for unpaid claims and loss adjustment expenses | Changes in the reserve for unpaid claims and loss adjustment expenses (not considering reinsurance recoverable):
* Reflects (i) a redundancy in the prior years’ net reserves of $15 million at June 30, 2019 primarily due to a favorable development of credit life, disability, and unemployment claims during the year and (ii) a redundancy in the prior years’ net reserves of $5 million at June 30, 2018, primarily due to a favorable development of credit disability and unemployment claims during the year.
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Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of earnings per share | The computation of earnings per share was as follows:
* We have excluded the following shares in the diluted earnings per share calculation for three and six months ended June 30, 2019 and 2018 because these shares would be anti-dilutive, which could impact the earnings per share calculation in the future:
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| Anti-dilutive securities excluded from computation of earnings per share | We have excluded the following shares in the diluted earnings per share calculation for three and six months ended June 30, 2019 and 2018 because these shares would be anti-dilutive, which could impact the earnings per share calculation in the future:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes, net of tax, in accumulated other comprehensive income (loss) | Changes, net of tax, in accumulated other comprehensive income (loss) were as follows:
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Leases and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maturities of lease liabilities | As of June 30, 2019, maturities of lease liabilities, excluding leases on a month-to-month basis, were as follows:
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| Weighted average remaining lease term and discount rate |
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| Annual rental commitments for leases accounted for as operating leases | As of December 31, 2018, under ASC 840, Leases, annual rental commitments for leased office space, automobiles and information technology equipment accounted for as operating leases, excluding leases on a month-to-month basis, were as follows:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Information about the Company's segments | The following tables present information about our segments, as well as reconciliations to the consolidated financial statement amounts.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair values and carrying values of financial instruments and fair value hierarchy based on the level of inputs utilized to determine such fair value | The following table presents the carrying amounts and estimated fair values of our financial instruments and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
* Other assets at June 30, 2019 and December 31, 2018 include miscellaneous receivables related to our liquidating loan portfolios.
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| Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables present information about our assets measured at fair value on a recurring basis and indicates the fair value hierarchy based on the levels of inputs we utilized to determine such fair value:
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Business and Basis of Presentation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Non-cash incentive compensation | $ 0 | $ 110 | ||
| Apollo-Värde Group | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Non-cash incentive compensation | $ 106 | $ 4 | ||
| Affiliates of Fortress or AIG | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Non-cash incentive compensation | $ 4 | |||
| Majority Shareholder | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Ownership percentage by Initial Stockholder | 40.40% | |||
Finance Receivables - Narrative (Details) - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Finance receivables held for sale | $ 74,000,000 | $ 103,000,000 |
| Commitment to lend additional funds on TDR finance receivables | $ 0 | |
| Unlikely to be Collected Financing Receivable | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Threshold period past due | 60 days | |
| Nonperforming | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Threshold period past due | 90 days | |
| Personal Loans | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Personal loans secured by titled collateral | 50.00% | 48.00% |
| Personal Loans | Minimum | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Finance receivables, original term (years) | 3 years | |
| Personal Loans | Maximum | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Finance receivables, original term (years) | 6 years |
Finance Receivables - Net Finance Receivables by Type (Details) - Personal Loans - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Financing receivable general information | ||
| Gross receivables | $ 16,808 | $ 15,978 |
| Unearned points and fees | (218) | (201) |
| Accrued finance charges | 254 | 253 |
| Deferred origination costs | 136 | 134 |
| Total | $ 16,980 | $ 16,164 |
Finance Receivables - Delinquent and Nonperforming Finance Receivables (Details) - Personal Loans - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Delinquency by finance receivables type | ||
| Net finance receivables | $ 16,980 | $ 16,164 |
| Performing | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | 16,689 | 15,801 |
| Performing | Current | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | 16,325 | 15,411 |
| Performing | 30-59 days past due | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | 220 | 229 |
| Performing | 60-89 days past due | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | 144 | 161 |
| Nonperforming | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | 291 | 363 |
| Nonperforming | 90-179 days past due | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | 284 | 355 |
| Nonperforming | 180 days or more past due | ||
| Delinquency by finance receivables type | ||
| Net finance receivables | $ 7 | $ 8 |
Finance Receivables - Purchased Credit Impaired Finance Receivables HFI (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Real Estate Loans - Held for Sale | ||
| Financing Receivable, Impaired [Line Items] | ||
| Carrying amount, net of allowance | $ 21 | $ 28 |
| Outstanding balance | 38 | 48 |
| Personal Loans | ||
| Financing Receivable, Impaired [Line Items] | ||
| Carrying amount, net of allowance | 58 | 89 |
| Outstanding balance | 100 | 135 |
| Allowance for purchased credit impaired finance receivable losses | $ 0 | $ 0 |
Finance Receivables - Changes in Accretable Yield For Purchased Credit Impaired HFI and HFS (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Real Estate Loans - Held for Sale | ||||
| Changes in accretable yield for purchased credit impaired finance receivables | ||||
| Balance at beginning of period | $ 23 | $ 52 | $ 27 | $ 53 |
| Accretion | 0 | (1) | (1) | (2) |
| Transfer due to finance receivables sold | 0 | 0 | (3) | 0 |
| Balance at end of period | 23 | 51 | 23 | 51 |
| Personal Loans | ||||
| Changes in accretable yield for purchased credit impaired finance receivables | ||||
| Balance at beginning of period | 34 | 49 | 39 | 47 |
| Accretion | (4) | (8) | (9) | (14) |
| Reclassifications from nonaccretable difference | 16 | 11 | 16 | 19 |
| Balance at end of period | $ 46 | $ 52 | $ 46 | $ 52 |
Finance Receivables - TDR Finance Receivable HFI and HFS (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Real Estate Loans - Held for Sale | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| TDR gross receivables, held for sale | $ 56 | $ 89 |
| TDR net receivables, held for sale | 57 | 75 |
| Personal Loans | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| TDR gross receivables | 546 | 450 |
| TDR net receivables | 549 | 453 |
| Allowance for TDR finance receivable losses | $ 227 | $ 170 |
Finance Receivables - TDR Average Net Receivables HFI and HFS and Finance Charges Recognized (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| TDR average net receivables | $ 585 | $ 504 | $ 563 | $ 490 |
| TDR finance charges recognized | 13 | 13 | 25 | 26 |
| Personal Loans | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| TDR average net receivables | 527 | 367 | 502 | 352 |
| TDR finance charges recognized | 12 | 11 | 23 | 22 |
| Other Receivables | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| TDR average net receivables | 58 | 137 | 61 | 138 |
| TDR finance charges recognized | 1 | 2 | 2 | 4 |
| TDR average net receivables, held for sale | 58 | 88 | 61 | 89 |
| TDR finance charges recognized, held for sale | $ 1 | $ 2 | $ 2 | $ 3 |
Finance Receivables - New Volume of TDR HFI & HFS Finance Receivables (Details) - Personal Loans $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
account
|
Jun. 30, 2018
USD ($)
account
|
Jun. 30, 2019
USD ($)
account
|
Jun. 30, 2018
USD ($)
account
|
|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Pre-modification TDR net finance receivables | $ 124 | $ 84 | $ 244 | $ 179 |
| Total post-modification TDR net finance receivables | $ 124 | $ 84 | $ 244 | $ 179 |
| Number of TDR accounts | account | 18,307 | 12,778 | 36,813 | 27,508 |
| Rate reduction | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Total post-modification TDR net finance receivables | $ 85 | $ 63 | $ 170 | $ 132 |
| Other | ||||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| Total post-modification TDR net finance receivables | $ 39 | $ 21 | $ 74 | $ 47 |
Finance Receivables - Modified as TDR - Non Performing Finance Receivables (Details) - Personal Loans $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
account
|
Jun. 30, 2018
USD ($)
account
|
Jun. 30, 2019
USD ($)
account
|
Jun. 30, 2018
USD ($)
account
|
|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
| TDR net finance receivables | $ | $ 21 | $ 18 | $ 40 | $ 35 |
| Number of TDR accounts | account | 3,171 | 2,622 | 6,096 | 5,341 |
Allowance for Finance Receivable Losses - Changes in Allowance by Type (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
| Balance at beginning of period | $ 733 | $ 689 | $ 731 | $ 697 |
| Provision for finance receivable losses | 268 | 260 | 554 | 514 |
| Charge-offs | (290) | (278) | (601) | (568) |
| Recoveries | 33 | 31 | 60 | 59 |
| Balance at end of period | 744 | 702 | 744 | 702 |
| Personal Loans | ||||
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
| Balance at beginning of period | 733 | 665 | 731 | 673 |
| Provision for finance receivable losses | 268 | 261 | 554 | 515 |
| Charge-offs | (290) | (278) | (601) | (567) |
| Recoveries | 33 | 30 | 60 | 57 |
| Balance at end of period | 744 | 678 | 744 | 678 |
| Other Receivables | ||||
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
| Balance at beginning of period | 0 | 24 | 0 | 24 |
| Provision for finance receivable losses | 0 | (1) | 0 | (1) |
| Charge-offs | 0 | 0 | 0 | (1) |
| Recoveries | 0 | 1 | 0 | 2 |
| Balance at end of period | $ 0 | $ 24 | $ 0 | $ 24 |
Allowance for Finance Receivable Losses - By Type and Impairment Method (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|
| Allowance for finance receivable losses: | ||||||
| Total | $ 744 | $ 731 | $ 733 | $ 702 | $ 689 | $ 697 |
| Personal Loans | ||||||
| Allowance for finance receivable losses: | ||||||
| Collectively evaluated for impairment | 517 | 561 | ||||
| Purchased credit impaired finance receivables | 0 | 0 | ||||
| TDR finance receivables | 227 | 170 | ||||
| Total | 744 | 731 | $ 733 | $ 678 | $ 665 | $ 673 |
| Finance receivables: | ||||||
| Collectively evaluated for impairment | 16,373 | 15,622 | ||||
| Purchased credit impaired finance receivables | 16,980 | 16,164 | ||||
| TDR finance receivables | 549 | 453 | ||||
| Net finance receivables | $ 16,980 | $ 16,164 | ||||
| Allowance for finance receivable losses as a percentage of finance receivables | 4.38% | 4.52% | ||||
| Personal Loans | Purchased credit impaired finance receivables | ||||||
| Finance receivables: | ||||||
| Purchased credit impaired finance receivables | $ 58 | $ 89 | ||||
| Net finance receivables | $ 58 | $ 89 |
Finance Receivables Held for Sale (Details) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Finance receivables held for sale | $ 74 | $ 103 | ||
| Proceeds on sales of finance receivables held for sale originated as held for investment | $ 19 | $ 0 | ||
| February 2019 Real Estate Loan Sale | Disposed of by Sale | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Carrying value | $ 16 | |||
| Proceeds on sales of finance receivables held for sale originated as held for investment | 19 | |||
| Net gain | 3 | |||
| Impairment in other revenue | $ 3 | |||
Investment Securities - Cost/Amortized, Unrealized Gains/Losses & FV on AFS Investment Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | $ 1,598 | $ 1,643 |
| Unrealized Gains | 41 | 3 |
| Unrealized Losses | (1) | (39) |
| Fair Value | 1,638 | 1,607 |
| U.S. government and government sponsored entities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 10 | 21 |
| Unrealized Gains | 0 | 0 |
| Unrealized Losses | 0 | 0 |
| Fair Value | 10 | 21 |
| Obligations of states, municipalities, and political subdivisions | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 72 | 91 |
| Unrealized Gains | 1 | 0 |
| Unrealized Losses | 0 | (1) |
| Fair Value | 73 | 90 |
| Certificates of deposit and commercial paper | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 73 | 63 |
| Unrealized Gains | 0 | 0 |
| Unrealized Losses | 0 | 0 |
| Fair Value | 73 | 63 |
| Non-U.S. government and government sponsored entities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 141 | 145 |
| Unrealized Gains | 4 | 0 |
| Unrealized Losses | 0 | (2) |
| Fair Value | 145 | 143 |
| Corporate debt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 1,029 | 1,027 |
| Unrealized Gains | 32 | 2 |
| Unrealized Losses | (1) | (32) |
| Fair Value | 1,060 | 997 |
| RMBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 118 | 130 |
| Unrealized Gains | 2 | 0 |
| Unrealized Losses | 0 | (2) |
| Fair Value | 120 | 128 |
| CMBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 67 | 72 |
| Unrealized Gains | 0 | 0 |
| Unrealized Losses | 0 | (1) |
| Fair Value | 67 | 71 |
| CDO/ABS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Cost/ Amortized Cost | 88 | 94 |
| Unrealized Gains | 2 | 1 |
| Unrealized Losses | 0 | (1) |
| Fair Value | $ 90 | $ 94 |
Investment Securities - Fair Value and Unrealized Losses on AFS Investment Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fair Value | ||
| Less Than 12 Months | $ 62 | $ 460 |
| 12 Months or Longer | 152 | 783 |
| Total | 214 | 1,243 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | (15) |
| 12 Months or Longer | (1) | (24) |
| Total | (1) | (39) |
| U.S. government and government sponsored entities | ||
| Fair Value | ||
| Less Than 12 Months | 0 | 3 |
| 12 Months or Longer | 3 | 16 |
| Total | 3 | 19 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | 0 |
| 12 Months or Longer | 0 | 0 |
| Total | 0 | 0 |
| Obligations of states, municipalities, and political subdivisions | ||
| Fair Value | ||
| Less Than 12 Months | 0 | 10 |
| 12 Months or Longer | 9 | 57 |
| Total | 9 | 67 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | 0 |
| 12 Months or Longer | 0 | (1) |
| Total | 0 | (1) |
| Non-U.S. government and government sponsored entities | ||
| Fair Value | ||
| Less Than 12 Months | 7 | 19 |
| 12 Months or Longer | 26 | 97 |
| Total | 33 | 116 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | (1) |
| 12 Months or Longer | 0 | (1) |
| Total | 0 | (2) |
| Corporate debt | ||
| Fair Value | ||
| Less Than 12 Months | 40 | 377 |
| 12 Months or Longer | 65 | 448 |
| Total | 105 | 825 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | (14) |
| 12 Months or Longer | (1) | (18) |
| Total | (1) | (32) |
| RMBS | ||
| Fair Value | ||
| Less Than 12 Months | 0 | 23 |
| 12 Months or Longer | 24 | 78 |
| Total | 24 | 101 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | 0 |
| 12 Months or Longer | 0 | (2) |
| Total | 0 | (2) |
| CMBS | ||
| Fair Value | ||
| Less Than 12 Months | 3 | 10 |
| 12 Months or Longer | 19 | 54 |
| Total | 22 | 64 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | 0 |
| 12 Months or Longer | 0 | (1) |
| Total | 0 | (1) |
| CDO/ABS | ||
| Fair Value | ||
| Less Than 12 Months | 12 | 18 |
| 12 Months or Longer | 6 | 33 |
| Total | 18 | 51 |
| Unrealized Losses | ||
| Less Than 12 Months | 0 | 0 |
| 12 Months or Longer | 0 | (1) |
| Total | $ 0 | $ (1) |
Investment Securities - Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
investment
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
investment
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
investment
|
|
| Debt Securities, Available-for-sale [Line Items] | |||||
| Investment securities in an unrealized loss position | investment | 469 | 469 | 1,767 | ||
| Other-than-temporary impairments on investment securities that are intend to be sold | $ 0 | ||||
| Proceeds from sales and redemptions | 180 | $ 69 | $ 209 | $ 140 | |
| Net realized gains (losses) | 0 | 0 | 0 | 0 | |
| Fair value of bonds on deposit | 525 | 525 | $ 515 | ||
| Net unrealized gains (losses) on other securities sold or redeemed (less than for three months ended June 30, 2018) | 0 | 0 | 5 | (3) | |
| Net realized gains (losses) on other securities sold or redeemed | 0 | $ 0 | 0 | $ 0 | |
| Corporate debt | |||||
| Debt Securities, Available-for-sale [Line Items] | |||||
| Other-than-temporary impairment credit losses | $ 0 | $ 0 | |||
Investment Securities - Contractual Maturities of AFS Investment Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: | ||
| Due in 1 year or less | $ 243 | |
| Due after 1 year through 5 years | 530 | |
| Due after 5 years through 10 years | 445 | |
| Due after 10 years | 143 | |
| Mortgage-backed, asset-backed, and collateralized securities | 277 | |
| Total | 1,638 | $ 1,607 |
| Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities: | ||
| Due in 1 year or less | 243 | |
| Due after 1 year through 5 years | 520 | |
| Due after 5 years through 10 years | 427 | |
| Due after 10 years | 135 | |
| Mortgage-backed, asset-backed, and collateralized securities | 273 | |
| Cost/ Amortized Cost | $ 1,598 | $ 1,643 |
Investment Securities - Fair Value of Other Securities (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Debt and Equity Securities, FV-NI [Line Items] | |||||
| Debt Securities, Trading, Unrealized Gain (Loss) | $ 0 | $ 0 | $ 5 | $ (3) | |
| Bonds | 41 | 41 | $ 46 | ||
| Other long-term investments | 1 | 1 | 1 | ||
| Total | 83 | 83 | 87 | ||
| Non-U.S. government and government sponsored entities | |||||
| Debt and Equity Securities, FV-NI [Line Items] | |||||
| Bonds | 1 | 1 | 1 | ||
| Corporate debt | |||||
| Debt and Equity Securities, FV-NI [Line Items] | |||||
| Bonds | 34 | 34 | 43 | ||
| Mortgage-backed, asset-backed, and collateralized bonds | |||||
| Debt and Equity Securities, FV-NI [Line Items] | |||||
| Bonds | 6 | 6 | 2 | ||
| Preferred stock | |||||
| Debt and Equity Securities, FV-NI [Line Items] | |||||
| Trading security, equity | 16 | 16 | 19 | ||
| Common stock | |||||
| Debt and Equity Securities, FV-NI [Line Items] | |||||
| Trading security, equity | $ 25 | $ 25 | $ 21 | ||
Long-term Debt - Principal Maturities of Long-Term Debt (Details) - USD ($) |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Principal maturities of long-term debt by type of debt | ||
| Remainder of 2019 | $ 0 | |
| 2020 | 1,000,000,000 | |
| 2021 | 646,000,000 | |
| 2022 | 1,000,000,000 | |
| 2023 | 1,175,000,000 | |
| 2024-2067 | 4,999,000,000 | |
| Securitizations | 7,083,000,000 | |
| Total principal maturities | 15,903,000,000 | |
| Total carrying amount | 15,551,000,000 | $ 15,178,000,000 |
| Debt issuance costs | (101,000,000) | |
| Consolidated VIEs | ||
| Principal maturities of long-term debt by type of debt | ||
| Total carrying amount | 7,100,000,000 | $ 7,500,000,000 |
| Senior Debt | Securitizations | ||
| Principal maturities of long-term debt by type of debt | ||
| Remainder of 2019 | 0 | |
| 2020 | 0 | |
| 2021 | 0 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024-2067 | 0 | |
| Securitizations | 7,083,000,000 | |
| Total principal maturities | 7,083,000,000 | |
| Total carrying amount | 7,057,000,000 | |
| Debt issuance costs | (25,000,000) | |
| Debt issuance costs | $ 29,000,000 | |
| Senior Debt | Securitizations | Minimum | ||
| Long-term debt | ||
| Interest rate | 2.16% | |
| Senior Debt | Securitizations | Maximum | ||
| Long-term debt | ||
| Interest rate | 6.94% | |
| Senior Debt | Unsecured Notes | ||
| Principal maturities of long-term debt by type of debt | ||
| Remainder of 2019 | $ 0 | |
| 2020 | 1,000,000,000 | |
| 2021 | 646,000,000 | |
| 2022 | 1,000,000,000 | |
| 2023 | 1,175,000,000 | |
| 2024-2067 | 4,649,000,000 | |
| Securitizations | 0 | |
| Total principal maturities | 8,470,000,000 | |
| Total carrying amount | 8,322,000,000 | |
| Debt issuance costs | $ (76,000,000) | |
| Senior Debt | Unsecured Notes | Minimum | ||
| Long-term debt | ||
| Interest rate | 5.63% | |
| Senior Debt | Unsecured Notes | Maximum | ||
| Long-term debt | ||
| Interest rate | 8.25% | |
| Junior Subordinated Debt | ||
| Long-term debt | ||
| Effective interest rate | 4.35% | |
| Principal maturities of long-term debt by type of debt | ||
| Remainder of 2019 | $ 0 | |
| 2020 | 0 | |
| 2021 | 0 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024-2067 | 350,000,000 | |
| Securitizations | 0 | |
| Total principal maturities | 350,000,000 | |
| Total carrying amount | 172,000,000 | |
| Debt issuance costs | 0 | |
| Asset-backed Securities, Securitized Loans and Receivables | Consolidated VIEs | ||
| Principal maturities of long-term debt by type of debt | ||
| Amounts drawn | $ 0 | |
| SFC | Junior Subordinated Debt | ||
| Long-term debt | ||
| Effective interest rate | 4.35% | |
| SFC | Junior Subordinated Debt | LIBOR | ||
| Principal maturities of long-term debt by type of debt | ||
| Basis spread on variable rate | 1.75% |
Long-term Debt - SFC Senior Notes (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Apr. 15, 2019 |
Mar. 25, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jul. 02, 2019 |
May 09, 2019 |
Mar. 15, 2019 |
Feb. 22, 2019 |
|
| Debt Instrument [Line Items] | ||||||||||
| Net loss on repurchases and repayments of debt | $ 12,000,000 | $ 7,000,000 | $ 33,000,000 | $ 8,000,000 | ||||||
| SFC | Senior Debt | 6.625% SFC Notes due 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Interest rate | 6.625% | |||||||||
| Debt instrument, face amount | $ 800,000,000 | |||||||||
| SFC | Senior Debt | 6.125% SFC Notes due 2024 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Interest rate | 6.125% | |||||||||
| Debt instrument, face amount | $ 1,000,000,000.0 | |||||||||
| SFC | Senior Debt | 6.125% SFC Notes due 2024 | Subsequent Event | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Interest rate | 6.125% | |||||||||
| Debt instrument, face amount | $ 300,000,000 | |||||||||
| SFC | Senior Debt | 5.25% Senior Notes due 2019 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Interest rate | 5.25% | |||||||||
| Aggregate amount paid, inclusive of accrued interest and premiums | $ 706,000,000 | |||||||||
| Net loss on repurchases and repayments of debt | 21,000,000 | |||||||||
| SFC | Senior Debt | 6.00% Senior Notes due 2020 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Interest rate | 6.00% | |||||||||
| Aggregate amount paid, inclusive of accrued interest and premiums | $ 317,000,000 | |||||||||
| Net loss on repurchases and repayments of debt | $ 11,000,000 | $ 11,000,000 | ||||||||
Variable Interest Entities - Carrying Amount of Consolidated VIEs (Details) - Consolidated VIEs - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Cash and cash equivalents | ||
| Variable Interest Entity [Line Items] | ||
| Assets | $ 1 | $ 2 |
| Finance receivables - Personal loans | Finance receivables - Personal loans | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 7,999 | 8,480 |
| Allowance for finance receivable losses | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 369 | 444 |
| Restricted cash and restricted cash equivalents | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 409 | 479 |
| Other assets | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 29 | 26 |
| Long-term debt | ||
| Variable Interest Entity [Line Items] | ||
| Liabilities | 7,057 | 7,510 |
| Other liabilities | ||
| Variable Interest Entity [Line Items] | ||
| Liabilities | $ 14 | $ 14 |
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Variable Interest Entity [Line Items] | ||||
| Interest expense | $ 238 | $ 220 | $ 473 | $ 420 |
| Consolidated VIEs | ||||
| Variable Interest Entity [Line Items] | ||||
| Interest expense | $ 82 | $ 87 | $ 164 | $ 173 |
Variable Interest Entities - Securitized Borrowings (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Debt Instrument [Line Items] | ||
| Total carrying amount | $ 15,551 | $ 15,178 |
| Consolidated VIEs | ||
| Debt Instrument [Line Items] | ||
| Total carrying amount | $ 7,100 | $ 7,500 |
| Minimum | ||
| Debt Instrument [Line Items] | ||
| Revolving period | 1 year | |
| Maximum | ||
| Debt Instrument [Line Items] | ||
| Revolving period | 5 years |
Variable Interest Entities - Revolving Conduit Facilities (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
facility
| |
| Minimum | |
| Line of Credit Facility [Line Items] | |
| Revolving period | 1 year |
| Maximum | |
| Line of Credit Facility [Line Items] | |
| Revolving period | 5 years |
| Consolidated VIEs | Asset-backed Securities, Securitized Loans and Receivables | |
| Line of Credit Facility [Line Items] | |
| Number of conduit facilities | facility | 13 |
| Total borrowing capacity | $ 6,700,000,000 |
| Amounts drawn | $ 0 |
| Consolidated VIEs | Asset-backed Securities, Securitized Loans and Receivables | Minimum | |
| Line of Credit Facility [Line Items] | |
| Revolving period | 1 year |
| Debt instrument, term | 3 years |
| Consolidated VIEs | Asset-backed Securities, Securitized Loans and Receivables | Maximum | |
| Line of Credit Facility [Line Items] | |
| Revolving period | 3 years |
| Debt instrument, term | 9 years |
Insurance (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
| Balance at beginning of period | $ 117 | $ 154 |
| Less reinsurance recoverables | (4) | (23) |
| Net balance at beginning of period | 113 | 131 |
| Additions for losses and loss adjustment expenses incurred to: | ||
| Current year | 111 | 102 |
| Prior years | 15 | 5 |
| Total | 96 | 97 |
| Reductions for losses and loss adjustment expenses paid related to: | ||
| Current year | (50) | (47) |
| Prior years | (48) | (51) |
| Total | (98) | (98) |
| Net balance at end of period | 111 | 130 |
| Plus reinsurance recoverables | 3 | 4 |
| Transfer of reserves | 0 | (19) |
| Balance at end of period | 114 | 115 |
| Shortfall (redundancy) in prior years’ net reserves | $ (15) | $ (5) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Numerator (basic and diluted): | ||||
| Net income attributable to OneMain Holdings, Inc. | $ 194 | $ 7 | $ 346 | $ 131 |
| Denominator: | ||||
| Weighted average number of shares outstanding (basic) (in shares) | 136,083,993 | 135,678,914 | 136,043,221 | 135,637,825 |
| Effect of dilutive securities (in shares) | 164,820 | 290,131 | 177,053 | 295,574 |
| Weighted average number of shares outstanding (diluted) (in shares) | 136,248,813 | 135,969,045 | 136,220,274 | 135,933,399 |
| Earnings per share: | ||||
| Basic (in dollars per share) | $ 1.43 | $ 0.05 | $ 2.54 | $ 0.96 |
| Diluted (in dollars per share) | $ 1.42 | $ 0.05 | $ 2.54 | $ 0.96 |
| Performance-based shares | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Shares excluded in the diluted earnings per share calculation | 195,944 | 45,467 | 161,563 | 71,314 |
| Service-based shares | ||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
| Shares excluded in the diluted earnings per share calculation | 52,046 | 159,698 | 191,729 | 240,467 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance at beginning of period | $ 3,950 | $ 3,382 | $ 3,799 | $ 3,278 |
| Other comprehensive income (loss) before reclassifications | 30 | (11) | 62 | (34) |
| Impact of AOCI reclassification due to the Tax Act | 2 | 2 | ||
| Balance at end of period | 4,141 | 3,489 | 4,141 | 3,489 |
| Unrealized Gains (Losses) Available-for-Sale Securities | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance at beginning of period | 2 | (16) | (28) | 4 |
| Other comprehensive income (loss) before reclassifications | 28 | (10) | 58 | (30) |
| Impact of AOCI reclassification due to the Tax Act | 2 | 2 | ||
| Balance at end of period | 30 | (24) | 30 | (24) |
| Retirement Plan Liabilities Adjustments | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance at beginning of period | (3) | 4 | (3) | 4 |
| Other comprehensive income (loss) before reclassifications | 0 | 2 | 0 | 2 |
| Impact of AOCI reclassification due to the Tax Act | (3) | (3) | ||
| Balance at end of period | (3) | 3 | (3) | 3 |
| Foreign Currency Translation Adjustments | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance at beginning of period | (1) | 0 | (3) | 3 |
| Other comprehensive income (loss) before reclassifications | 2 | (3) | 4 | (6) |
| Impact of AOCI reclassification due to the Tax Act | 3 | 3 | ||
| Balance at end of period | 1 | 0 | 1 | 0 |
| Accumulated Other Comprehensive Income (Loss) | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance at beginning of period | (2) | (12) | (34) | 11 |
| Balance at end of period | $ 28 | $ (21) | $ 28 | $ (21) |
Income Taxes (Details) - USD ($) $ in Millions |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Net deferred tax asset | $ 89 | $ 129 | |
| Decrease in net deferred tax asset | $ 40 | ||
| Effective tax rate | 24.50% | 38.00% | |
| Gross unrecognized tax benefits | $ 13 | $ 17 | |
Leases and Contingencies - Leases Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended |
|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Lessee, Lease, Description [Line Items] | |||
| Operating leases remaining lease terms | 3 years 10 months 24 days | 3 years 10 months 24 days | |
| Operating right-of-use asset balance | $ 165 | $ 165 | |
| Operating lease liability balance | 178 | 178 | |
| Operating lease costs | 15 | 32 | |
| Variable lease costs | 4 | 8 | |
| Sublease income | $ 0 | $ 0 | |
| Rent expense | $ 74 | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating leases remaining lease terms | 10 years | 10 years |
Leases and Contingencies - Maturities of Lease Liabilities (Details) $ in Millions |
Jun. 30, 2019
USD ($)
|
|---|---|
| Operating Leases | |
| 2019 (excluding the six months ended June 30, 2019) | $ 31 |
| 2020 | 57 |
| 2021 | 46 |
| 2022 | 32 |
| 2023 | 18 |
| 2024 | 8 |
| Thereafter | 7 |
| Total lease payments | 199 |
| Imputed interest | (21) |
| Total | $ 178 |
Leases and Contingencies - Weighted Average Remaining Lease Term and Discount Rate (Details) |
Jun. 30, 2019 |
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Weighted Average Remaining Lease Term | 3 years 10 months 24 days |
| Weighted Average Discount Rate | 3.76% |
Leases and Contingencies - Annual Rental Commitments for Leases Accounted for as Operating Leases (Details) $ in Millions |
Dec. 31, 2018
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2019 | $ 60 |
| 2020 | 50 |
| 2021 | 37 |
| 2022 | 26 |
| 2023 | 12 |
| 2024 plus | 12 |
| Total | $ 197 |
Leases and Contingencies - Legal Contingencies Narrative (Details) $ in Millions |
Feb. 10, 2017
defendant
|
Jun. 30, 2019
USD ($)
|
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Number of defendants | defendant | 3 | |
| Galestan v. OneMain Holdings, Inc., et al. | Settled Litigation | ||
| Loss Contingencies [Line Items] | ||
| Amount accrued, net of consideration of insurance proceeds | $ | $ 0 |
Segment Information (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
segment
|
Jun. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Segment Reporting [Abstract] | |||||
| Number of operating segments | segment | 2 | ||||
| Information about segments as well as reconciliations to consolidated financial statement amounts | |||||
| Interest income | $ 1,000 | $ 905 | $ 1,955 | $ 1,767 | |
| Interest expense | 238 | 220 | 473 | 420 | |
| Provision for finance receivable losses | 268 | 260 | 554 | 514 | |
| Net interest income (loss) after provision for finance receivable losses | 494 | 425 | 928 | 833 | |
| Other revenues | 156 | 140 | 304 | 277 | |
| Other expenses | 394 | 522 | 774 | 899 | |
| Income (loss) before income tax expense (benefit) | 256 | 43 | 458 | 211 | |
| Assets | 21,017 | 19,640 | 21,017 | 19,640 | $ 20,090 |
| Operating segments | Consumer and Insurance | |||||
| Information about segments as well as reconciliations to consolidated financial statement amounts | |||||
| Interest income | 999 | 911 | 1,953 | 1,784 | |
| Interest expense | 232 | 212 | 462 | 406 | |
| Provision for finance receivable losses | 263 | 261 | 539 | 519 | |
| Net interest income (loss) after provision for finance receivable losses | 504 | 438 | 952 | 859 | |
| Other revenues | 144 | 106 | 290 | 211 | |
| Other expenses | 378 | 390 | 740 | 743 | |
| Income (loss) before income tax expense (benefit) | 270 | 154 | 502 | 327 | |
| Assets | 18,872 | 17,258 | 18,872 | 17,258 | |
| Operating segments | Acquisitions and Servicing | |||||
| Information about segments as well as reconciliations to consolidated financial statement amounts | |||||
| Interest income | 0 | 0 | 0 | 0 | |
| Interest expense | 0 | 0 | 0 | 0 | |
| Provision for finance receivable losses | 0 | 0 | 0 | 0 | |
| Net interest income (loss) after provision for finance receivable losses | 0 | 0 | 0 | 0 | |
| Other revenues | 12 | 8 | 19 | 17 | |
| Other expenses | 6 | 8 | 13 | 16 | |
| Income (loss) before income tax expense (benefit) | 6 | 0 | 6 | 1 | |
| Assets | 0 | 0 | 0 | 0 | |
| Other | |||||
| Information about segments as well as reconciliations to consolidated financial statement amounts | |||||
| Interest income | 2 | 5 | 5 | 9 | |
| Interest expense | 1 | 5 | 3 | 9 | |
| Provision for finance receivable losses | 0 | (3) | 0 | (5) | |
| Net interest income (loss) after provision for finance receivable losses | 1 | 3 | 2 | 5 | |
| Other revenues | 0 | 0 | 2 | (2) | |
| Other expenses | 4 | 112 | 10 | 122 | |
| Income (loss) before income tax expense (benefit) | (3) | (109) | (6) | (119) | |
| Assets | 87 | 248 | 87 | 248 | |
| Segment to GAAP Adjustment | |||||
| Information about segments as well as reconciliations to consolidated financial statement amounts | |||||
| Interest income | (1) | (11) | (3) | (26) | |
| Interest expense | 5 | 3 | 8 | 5 | |
| Provision for finance receivable losses | 5 | 2 | 15 | 0 | |
| Net interest income (loss) after provision for finance receivable losses | (11) | (16) | (26) | (31) | |
| Other revenues | 0 | 26 | (7) | 51 | |
| Other expenses | 6 | 12 | 11 | 18 | |
| Income (loss) before income tax expense (benefit) | (17) | (2) | (44) | 2 | |
| Assets | $ 2,058 | $ 2,134 | $ 2,058 | $ 2,134 | |
Fair Value Measurements - Fair Value & Carrying Value Hierarchy Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|---|
| Assets | |||
| Restricted cash and restricted cash equivalents | $ 420 | $ 499 | $ 587 |
| Total Fair Value | |||
| Assets | |||
| Cash and cash equivalents | 786 | 679 | |
| Investment securities | 1,721 | 1,694 | |
| Net finance receivables, less allowance for finance receivable losses | 17,831 | 16,734 | |
| Finance receivables held for sale | 80 | 103 | |
| Restricted cash and restricted cash equivalents | 420 | 499 | |
| Other assets | 12 | 16 | |
| Liabilities | |||
| Long-term debt | 16,570 | 15,041 | |
| Total Carrying Value | |||
| Assets | |||
| Cash and cash equivalents | 786 | 679 | |
| Investment securities | 1,721 | 1,694 | |
| Net finance receivables, less allowance for finance receivable losses | 16,236 | 15,433 | |
| Finance receivables held for sale | 74 | 103 | |
| Restricted cash and restricted cash equivalents | 420 | 499 | |
| Other assets | 12 | 16 | |
| Liabilities | |||
| Long-term debt | 15,551 | 15,178 | |
| Level 1 | |||
| Assets | |||
| Cash and cash equivalents | 730 | 618 | |
| Investment securities | 38 | 34 | |
| Net finance receivables, less allowance for finance receivable losses | 0 | 0 | |
| Finance receivables held for sale | 0 | 0 | |
| Restricted cash and restricted cash equivalents | 420 | 499 | |
| Other assets | 0 | 0 | |
| Liabilities | |||
| Long-term debt | 0 | 0 | |
| Level 2 | |||
| Assets | |||
| Cash and cash equivalents | 56 | 61 | |
| Investment securities | 1,678 | 1,655 | |
| Net finance receivables, less allowance for finance receivable losses | 0 | 0 | |
| Finance receivables held for sale | 0 | 0 | |
| Restricted cash and restricted cash equivalents | 0 | 0 | |
| Other assets | 0 | 1 | |
| Liabilities | |||
| Long-term debt | 16,570 | 15,041 | |
| Level 3 | |||
| Assets | |||
| Cash and cash equivalents | 0 | 0 | |
| Investment securities | 5 | 5 | |
| Net finance receivables, less allowance for finance receivable losses | 17,831 | 16,734 | |
| Finance receivables held for sale | 80 | 103 | |
| Restricted cash and restricted cash equivalents | 0 | 0 | |
| Other assets | 12 | 15 | |
| Liabilities | |||
| Long-term debt | $ 0 | $ 0 |
Fair Value Measurements - Assets at Fair Value Recurring Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Investment securities: | ||
| Available-for-sale securities | $ 1,638 | $ 1,607 |
| Other securities | 83 | 87 |
| U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 10 | 21 |
| Obligations of states, municipalities, and political subdivisions | ||
| Investment securities: | ||
| Available-for-sale securities | 73 | 90 |
| Certificates of deposit and commercial paper | ||
| Investment securities: | ||
| Available-for-sale securities | 73 | 63 |
| Corporate debt | ||
| Investment securities: | ||
| Available-for-sale securities | 1,060 | 997 |
| RMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 120 | 128 |
| CMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 67 | 71 |
| CDO/ABS | ||
| Investment securities: | ||
| Available-for-sale securities | 90 | 94 |
| Level 1 | ||
| Assets | ||
| Cash equivalents in securities | 730 | 618 |
| Investment securities: | ||
| Total investment securities | 38 | 34 |
| Level 2 | ||
| Assets | ||
| Cash equivalents in securities | 56 | 61 |
| Investment securities: | ||
| Total investment securities | 1,678 | 1,655 |
| Level 3 | ||
| Assets | ||
| Cash equivalents in securities | 0 | 0 |
| Investment securities: | ||
| Total investment securities | 5 | 5 |
| Fair Value, Measurements, Recurring | ||
| Assets | ||
| Cash equivalents in mutual funds | 462 | 426 |
| Cash equivalents in securities | 56 | 61 |
| Investment securities: | ||
| Available-for-sale securities | 1,638 | 1,607 |
| Other securities | 83 | 87 |
| Total investment securities | 1,721 | 1,694 |
| Restricted cash in mutual funds | 417 | 482 |
| Total | 2,656 | 2,663 |
| Fair Value, Measurements, Recurring | Total bonds | ||
| Investment securities: | ||
| Other securities | 41 | 46 |
| Fair Value, Measurements, Recurring | U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 10 | 21 |
| Fair Value, Measurements, Recurring | Obligations of states, municipalities, and political subdivisions | ||
| Investment securities: | ||
| Available-for-sale securities | 73 | 90 |
| Fair Value, Measurements, Recurring | Certificates of deposit and commercial paper | ||
| Investment securities: | ||
| Available-for-sale securities | 73 | 63 |
| Fair Value, Measurements, Recurring | Non-U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 145 | 143 |
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | Corporate debt | ||
| Investment securities: | ||
| Available-for-sale securities | 1,060 | 997 |
| Other securities | 34 | 43 |
| Fair Value, Measurements, Recurring | RMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 120 | 128 |
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | CMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 67 | 71 |
| Fair Value, Measurements, Recurring | CDO/ABS | ||
| Investment securities: | ||
| Available-for-sale securities | 90 | 94 |
| Other securities | 5 | 1 |
| Fair Value, Measurements, Recurring | Preferred stock | ||
| Investment securities: | ||
| Other securities | 16 | 19 |
| Fair Value, Measurements, Recurring | Common stock | ||
| Investment securities: | ||
| Other securities | 25 | 21 |
| Fair Value, Measurements, Recurring | Other long-term investments | ||
| Investment securities: | ||
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | Level 1 | ||
| Assets | ||
| Cash equivalents in mutual funds | 462 | 426 |
| Cash equivalents in securities | 0 | 0 |
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 38 | 34 |
| Total investment securities | 38 | 34 |
| Restricted cash in mutual funds | 417 | 482 |
| Total | 917 | 942 |
| Fair Value, Measurements, Recurring | Level 1 | Total bonds | ||
| Investment securities: | ||
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | Obligations of states, municipalities, and political subdivisions | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | Certificates of deposit and commercial paper | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | Non-U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | Corporate debt | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | RMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | CMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | CDO/ABS | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 1 | Preferred stock | ||
| Investment securities: | ||
| Other securities | 13 | 13 |
| Fair Value, Measurements, Recurring | Level 1 | Common stock | ||
| Investment securities: | ||
| Other securities | 25 | 21 |
| Fair Value, Measurements, Recurring | Level 1 | Other long-term investments | ||
| Investment securities: | ||
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 2 | ||
| Assets | ||
| Cash equivalents in mutual funds | 0 | 0 |
| Cash equivalents in securities | 56 | 61 |
| Investment securities: | ||
| Available-for-sale securities | 1,635 | 1,604 |
| Other securities | 43 | 51 |
| Total investment securities | 1,678 | 1,655 |
| Restricted cash in mutual funds | 0 | 0 |
| Total | 1,734 | 1,716 |
| Fair Value, Measurements, Recurring | Level 2 | Total bonds | ||
| Investment securities: | ||
| Other securities | 40 | 45 |
| Fair Value, Measurements, Recurring | Level 2 | U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 10 | 21 |
| Fair Value, Measurements, Recurring | Level 2 | Obligations of states, municipalities, and political subdivisions | ||
| Investment securities: | ||
| Available-for-sale securities | 73 | 90 |
| Fair Value, Measurements, Recurring | Level 2 | Certificates of deposit and commercial paper | ||
| Investment securities: | ||
| Available-for-sale securities | 73 | 63 |
| Fair Value, Measurements, Recurring | Level 2 | Non-U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 145 | 143 |
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | Level 2 | Corporate debt | ||
| Investment securities: | ||
| Available-for-sale securities | 1,058 | 995 |
| Other securities | 33 | 42 |
| Fair Value, Measurements, Recurring | Level 2 | RMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 120 | 128 |
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | Level 2 | CMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 67 | 71 |
| Fair Value, Measurements, Recurring | Level 2 | CDO/ABS | ||
| Investment securities: | ||
| Available-for-sale securities | 89 | 93 |
| Other securities | 5 | 1 |
| Fair Value, Measurements, Recurring | Level 2 | Preferred stock | ||
| Investment securities: | ||
| Other securities | 3 | 6 |
| Fair Value, Measurements, Recurring | Level 2 | Common stock | ||
| Investment securities: | ||
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 2 | Other long-term investments | ||
| Investment securities: | ||
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | ||
| Assets | ||
| Cash equivalents in mutual funds | 0 | 0 |
| Cash equivalents in securities | 0 | 0 |
| Investment securities: | ||
| Available-for-sale securities | 3 | 3 |
| Other securities | 2 | 2 |
| Total investment securities | 5 | 5 |
| Restricted cash in mutual funds | 0 | 0 |
| Total | 5 | 5 |
| Fair Value, Measurements, Recurring | Level 3 | Total bonds | ||
| Investment securities: | ||
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | Level 3 | U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Obligations of states, municipalities, and political subdivisions | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Certificates of deposit and commercial paper | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Non-U.S. government and government sponsored entities | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Corporate debt | ||
| Investment securities: | ||
| Available-for-sale securities | 2 | 2 |
| Other securities | 1 | 1 |
| Fair Value, Measurements, Recurring | Level 3 | RMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | CMBS | ||
| Investment securities: | ||
| Available-for-sale securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | CDO/ABS | ||
| Investment securities: | ||
| Available-for-sale securities | 1 | 1 |
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Preferred stock | ||
| Investment securities: | ||
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Common stock | ||
| Investment securities: | ||
| Other securities | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 3 | Other long-term investments | ||
| Investment securities: | ||
| Other securities | $ 1 | $ 1 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Non-recurring basis | ||||
| Assets and liabilities measured at fair value | ||||
| Net impairment charges | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details) - USD ($) |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
Aug. 01, 2019 |
Jul. 29, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jul. 02, 2019 |
Feb. 22, 2019 |
|
| Subsequent Event [Line Items] | ||||||
| Cash dividends declared (in dollars per share) | $ 0.25 | $ 0.25 | ||||
| SFC | Senior Debt | 6.125% SFC Notes due 2024 | ||||||
| Subsequent Event [Line Items] | ||||||
| Interest rate | 6.125% | |||||
| Debt instrument, face amount | $ 1,000,000,000.0 | |||||
| Subsequent Event | ||||||
| Subsequent Event [Line Items] | ||||||
| Cash dividends declared (in dollars per share) | $ 2.25 | |||||
| Subsequent Event | Quarterly Dividend | ||||||
| Subsequent Event [Line Items] | ||||||
| Cash dividends declared (in dollars per share) | 0.25 | |||||
| Subsequent Event | Special Dividend | ||||||
| Subsequent Event [Line Items] | ||||||
| Cash dividends declared (in dollars per share) | $ 2.00 | |||||
| Subsequent Event | Asset-Based Notes | OMFIT 2019-A | ||||||
| Subsequent Event [Line Items] | ||||||
| Debt instrument, face amount | $ 789,000,000 | |||||
| Revolving period | 7 years | |||||
| Notes retained | $ 39,000,000 | |||||
| Percentage retained of initial note balance | 5.00% | |||||
| Subsequent Event | SFC | Senior Debt | 6.125% SFC Notes due 2024 | ||||||
| Subsequent Event [Line Items] | ||||||
| Interest rate | 6.125% | |||||
| Debt instrument, face amount | $ 300,000,000 | |||||
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